NETHERLANDS. LS travel retail, a division of Lagardère Services, has reached an agreement in principle with Philip Gerzon to acquire 100% of Charles F. Gerzon Holding, which operates fashion travel retail stores at Schiphol Airport, the fourth largest European hub.
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“I’m very confident in our potential development, considering Schiphol Airport’s great ambitions.“ |
Dag Rasmussen CEO Lagardère Services |
With a multiple valuation below eight times EBITDA, this acquisition “would match the growth strategy of Lagardère Services in travel retail and be positive to its margin” the Paris-based group said. The closing of the transaction (subject to works council consultation) is expected in early January 2014.
With this planned acquisition, LS travel retail would strengthen its status as one of the leaders in the fashion travel retail business in Europe.
A highly respected family business established since 1971, Gerzon Holding operates 12 mono and multibrand stores at Schiphol in a total space of 2400sq m and achieved sales of €54 million in 2012.
With a long-term relationship with Schiphol Airport, Gerzon Holding brings with it a portfolio of luxury brands such as Boss, Longchamp, Burberry, Hermès, Ralph Lauren, Ermenegildo Zegna, and a wide range of other ready to wear, medium to high-end fashion & accessories brands, including Victoria’s Secret.
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“After careful market screening, I am confident that Lagardère Services will be a great long-term partner to Schiphol Airport.“ |
Philip Gerzon CEO Gerzon Holding |
Lagardère Services CEO Dag Rasmussen said: “I am very glad to welcome into our group Gerzon’s team and management, whose undisputed competences are widely recognised. Such expertise will participate in strengthening our business practices in the mid and premium fashion ranges as well as in the promotional programmes.
“I’m very confident in our potential development, considering Schiphol Airport’s great ambitions, in terms not only of traffic and sales development, but also of high quality of service.”
Philip Gerzon, CEO of Gerzon Holding, noted: “After careful market screening, I am confident that Lagardère Services will be a great long-term partner to Schiphol Airport as well as to my team, with a strong cultural fit and several commercial synergies.
Lagardère Services has a solid reputation in fashion travel retail, both in Europe and Asia Pacific and will bring its expertise in the luxury segment and with affluent BRIC’s travellers. The quality of its operations as well as its decentralised organization will match the values of Gerzon Company and I am proud to leave my team in good hands.”
Amsterdam Airport Schiphol, Managing Director Business Area Consumer Products & Services Otto Ambagtsheer said: “Over the last 40 years, Gerzon has significantly contributed to the development of the fashion, leathergoods and travel accessories activities at Schiphol.
“Successful worldwide brands such as Hermès, Hugo Boss, Polo Ralph Lauren, Victoria’s Secret and Burberry are among today’s assortment offered to our passengers. We enjoyed an intensive and excellent collaboration and welcome our new business partner Lagardère Services at Schiphol. We are fully confident that, thanks to their broad experience and innovative strength, the quality of the fashion retail activities at Schiphol will be guaranteed.”
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Victoria’s Secret and Fashion & Travel are among the stores operated by Gerzon Holding at Amsterdam Airport Schiphol Lounge 3 |
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Gerzon operates a portfolio of 12 monobrand and multibrand outlets |
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