Lagardère: creates joint venture with ADP
(CercleFinance.com) - The ADP Group has selected Lagardère Travel Retail as a co-shareholder in the future Extime Duty Free Paris joint venture.
The ADP Group has launched a public consultation on its Duty Free & Retail activities for Paris-Charles de Gaulle and Paris-Orly airports.
Extime Duty Free Paris will operate around 140 outlets that will sell beauty, gastronomy, technical products and fashion. It will be 51%-owned by ADP Group, with the remaining 49% owned by Lagardère Travel Retail.
ADP management said that Extime Duty Free Paris, an expert in travel retail, will bring the ADP Group's new hospitality brand, Extime, to Paris to offer a unique and memorable experience to its passengers.
Lagardère shares are currently up just over 1%, while ADP shares are up 0.7% - outperforming a flat market in early trading today.
Copyright (c) 2022 CercleFinance.com. All rights reserved.