Partnering with South African tourism company Tourvest, LTR aims to capitalize on Africa’s growing airport travel market, building on its existing presence across West and East Africa.
The company already operates in six African countries which includes Benin, Gambia, Gabon, Mauritania, Senegal and Tanzania.
Forbes reports that the Paris-based Lagardère Travel Retail which operates a global network of 5,000 stores in more than 50 countries, generated $6.1 billion in sales last year for its media-to-retail parent, Lagardère Group.
CEO Dag Rasmussen said in a statement, “This collaboration is fully aligned with our ambition to grow in the South African market and more broadly across the region, a strategic priority for us and an area full of promise.”
“It also reflects our DNA: forging strong partnerships with locally rooted players who understand and anticipate local expectations.”
The strategic memorandum of understanding (MoU) signed with Tourvest will enable LTR to collaborate on retail, hospitality, and tourism development initiatives, starting in South Africa.
The presence of South Africa’s Deputy President Paul Mashatile added significant weight to the announcement.
Africa’s growing aviation retail market
Africa’s air travel retail sector is booming, driven by rising passenger traffic, airport expansions, and growing demand for duty-free and convenience shopping.
As the continent’s middle class expands and tourism flourishes, airports are becoming key destinations for retail brands.
With the Africa and Middle East travel retail sector valued at over $3.5 billion, South Africa’s market is estimated to be worth over $100 million, while African duty-free and travel retail sales are projected to reach $841 million in 2024 as per Forbes.
Notably, Africa’s airport shopping sector grew 7.6% last year, outpacing all other regions despite its challenges.
A potential partnership involving Tourvest, which boasts a strong African presence and revenue exceeding $1.1 billion, could leverage complementary skills to drive growth and make a significant impact in the travel retail sector.
