VINCI Airports bolsters its positions in airport retail with the acquisition of LFP
On 11 July 2017, VINCI Airports finalised the acquisition of 51% of the share capital of Lojas Francas Portugal (LFP), Portuguese airport retail leader, from TAG GER, subsidiary of the national airline company TAP.
LFP currently operates 31 retail outlets with a total area of around 7,500 sq. m. in seven of the ten Portuguese airports managed by VINCI Airports, including Lisbon airport. The company, founded in 1994, employs around 500 people and generated revenue of approximately €200 million in 2016. The remaining 49% of its capital is held by Dufry Group, world leader in airport retail (duty free and duty paid) and present in more than 60 countries with over 2,000 sales outlets.
Traditional duty-free shops (perfumes and cosmetics, tobacco, alcohol, food products) account for the lion's share of LFP's activity. It also sells fashion products, jewellery and accessories in dedicated stores under the Attitude brand, together with international brand products in exclusive boutiques under licensing contracts.
This operation allows VINCI Airports to strengthen its expertise in airport retail. Through its management of 35 airports across the world, the Group already works regularly with its commercial partners to offer passengers a range of products meeting their expectation. In 2016, revenue from non-aviation activities, including airport retail, accounted for 25% of VINCI Airports' consolidated revenue.
Nicolas Notebaert, Chief Executive Officer of VINCI Concessions and Chairman of VINCI Airports, said:
"With this acquisition, VINCI Airports reaffirms its ambition to drive creation of the new generation of airport retail. Backed by our expertise as airport operator, we are keen to place our knowledge of the customer pathway at the service of an optimised shopping experience."