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ITALY. LS travel retail today completed the final moves in its acquisition of ADR Retail, which gives it eight duty free and duty paid stores at Rome Fiumicino and Ciampino airports.
Both Italian antitrust authorities and ADR funding institutes have given their approval to the acquisition. ADR Retail will change its name on 1 November to LS travel retail Roma.
The total surface of the eight stores, which sell liquor, tobacco, perfumes & cosmetics, gourmet food and souvenirs, amounts to more than 3,100sq m.
Starting in 2013, LS travel retail Roma will operate in an increased surface of 4,800sq m. Also next year, all stores will be rebranded Aelia Duty Free, the multi-category travel retail concept developed by LS travel retail.
LS travel retail Roma’s Managing Director Séverine Lanthier said: “I am delighted to contribute to the development of duty free and luxury commercial activity in Rome’s airports. The quality of the teams already in situ, the increase of the surface areas which will soon be generated, as well as the know-how contribution of LS travel retail, together with the multiple attractions of the Aelia Duty Free concept, will enable us to successfully meet the challenge which is being offered to us.”
Lagardère Services’ Chairman and Chief Executive Officer Dag Rasmussen added: “I would like to thank ADR for the professional and transparent process which accompanied the acquisition and transfer of ADR Retail. I am happy and proud that the Board of Directors has chosen LS travel retail to reinforce the airport commercial activity and thus to actively take part in the development that Rome airport deserves. We will do our upmost to warrant the trust they show in us.”
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Aeroporti di Roma CEO Lorenzo Lo Presti said: “We are pleased to begin a partnership with a successful company such as LS travel retail. Thanks to this company’s expertise and the international network of the Lagardère Services Group which it is part of, we will be able to upgrade our retail spaces to the highest European standards, bringing us up to the same level as airports like London, Madrid and Amsterdam, both in terms of the number of square metres offered per passenger and in the quality of what we offer.
“This deal is a key step towards the achievement of ADR’s development targets and allows the company to free resources so that it can focus all its efforts and attention on the ambitious investment plan amounting to €12.1 billion from now until 2044, of which €2.5 billion will be invested in the next ten years.”
As we reported previously, LS travel retail is paying €229.4 million for its 100% acquisition of ADR Retail, plus a 32.5% annual royalty. It will have a 14-year concession at the airports.
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LS travel retail will re-brand the existing stores at Rome’s two airports |
