To cope with the crisis that has severely affected its Travel Retail subsidiary since the appearance of the Covid in China at the end of 2019 at the start of 2020, the Lagardère group is looking for solutions.
On September 1, the group led by Arnaud Lagardère brought two Chinese heavyweights into the capital of Travel Retail Asia.
Thus JD.com, the number two Chinese e-commerce behind Alibaba and the public investment company, China Jianyin Investment (JIC), took a 22.36% stake (including 18.63% for JD .com and 3.73% for JIC) in the Asia entity of the specialist in airport shops.
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The two Chinese groups contribute 94 million euros, which values the Asian subsidiary of Travel Retail at 410 million euros.
The new money will reduce the Lagardère group's debt by around 79 million euros, which amounts to 1.7 billion euros.
The Asian subsidiary, which accounts for 12% of Lagardère Travel Retail's worldwide activity, was affected from the start of the pandemic in
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