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Arnaud lagardère elated by ‘unbelievable’ growth in travel retail as revenue tops $8.8 billion.

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An Aelia store from Lagardère Travel Retail at Riyadh Airport in Saudi Arabia.

French media-to-retail giant Lagardère Group’s share price has seen a revival in the past few days and nudged close to €21 on Wednesday after the company revealed strong revenue for 2023, driven by its travel retail business, Lagardère Travel Retail (LTR). Year-to-date, the stock is up by 12.4%.

Lower profits impacted the stock in morning trading but it recovered in the afternoon (CET) to close higher than the previous day. The group generated €8.1 billion ($8.8 billion) up 14% like-for-like, though net profit fell to €144 million ($156 million) for 2023 versus €161 million in 2022. Net debt was also a concern, rising to €2.1 billion from €1.7 billion in the preceding year, mainly due to several acquisitions in 2023.

Nevertheless, the group sees a bright future and is surfing the wave of Lagardère Travel Retail’s success. There, revenue broke the €5 billion barrier, up 23% like-for-like (and 28% reported) while recurring EBIT (earnings before interest and tax) soared by 80% to €245 million whereas it was stagnant for Lagardère Publishing, but still higher at €301 million.

The percentage difference in travel retail’s like-for-like and reported percentages was largely due to a negative currency effect. The depreciation of the US dollar and Chinese yuan had an impact as did scope effects of acquisitions like Costa Coffee Poland, Marché International, and Tastes on the Fly .

Finally moving past 2019

Arnaud Lagardere: “In 2023, we achieved performance levels not seen for 15 years.” (Photo by JULIEN ... [+] DE ROSA / AFP) (Photo by JULIEN DE ROSA/AFP via Getty Images)

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LTR saw all its key business indicators exceed 2019 levels across the majority of its geographical regions. Double-digit growth was posted in France (16%) and EMEA (27%), thanks to rising traffic, with Italy and Poland showing “excellent” performances. EMEA’s share of sales is now close to 50% while the Americas’ performance, though “solid” in the United States led to its share falling from 30% in 2022 to 27% last year.

Arnaud Lagardère, chairman and CEO of the group was delighted at the overall results. He told investors last night: “We are extremely happy. We are taking advantage of travel retail and investing in that business unit where the growth is unbelievable. We don’t want to miss out on this momentum.”

In a statement, he added: “In 2023, we achieved performance levels not seen for 15 years. At Lagardère Publishing, vigorous trading helped maintain elevated revenue and profitability, despite a softer publishing market (while) Lagardère Travel Retail took full advantage of the growth in domestic, regional and international air traffic across its various locations, particularly in the EMEA region.”

Lagardère Travel Retail has lifted its operating margin to 4.9%.

The publishing division’s results—where sales hit €2.8 billion—were driven by several bestselling titles in France and the United Kingdom, including the latest Asterix L’Iris Blanc, Captive trilogy, and the late Matthew Perry’s autobiography. The Friends star died unexpectedly in October 2023.

Lagardère Travel Retail looks to be in a good position going forward, except in Greater China where the economic situation remains uncertain and where 7% of the division’s revenue comes from. The retailer also managed to lift its operating margin substantially last year to 4.9%, well above 2019’s 3.6% despite an inflationary environment, a nice cushion to have. Avolta , one of LTR’s main global duty-free retail rivals, will release its full-year results on March 7.

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Arnaud Lagardère forced to resign executive roles after preliminary charges filed

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Arnaud lagardère forced to resign as ceo of vivendi-owned publisher & travel retail giant due to indictment.

Arnaud Lagardère, head of Vivendi-owned French publishing and travel retail giant Lagardère Group, has been forced to resign as CEO of the company following his indictment related to accusations of embezzlement.

“This indictment essentially concerns facts relating to personal companies wholly owned by Arnaud Lagardère and not involving any Lagardère group companies,” the company said in a statement on Tuesday.

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“In the context of his indictment, Arnaud Lagardère has been provisionally banned from holding executive office, a measure which he is contesting and against which he intends to appeal, but which nevertheless will oblige him to resign his executive offices within the group, despite the appeal,” it added.

News of the forced resignation followed reports on Monday that Lagardère had been questioned by a Paris judge in relation to accusations of embezzlement.

The Lagardère Group, which was founded by Lagardère’s father Jean-Luc Lagardère in 1992, is home to publishing giant Lagardère Publishing and Lagardère Travel Retail. Its assets also include Paris Match and Le Journal du Dimanche and top radio stations Europe 1.

Vivendi took full control of the Lagardère Group in November 2023 following approval from European Commission, under its EU merger legislation,in return for selling publishing assets Editis and Gala magazine, which was part of its Prisma Media subsidiary.

Lagardère was retained as CEO of the group.

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Lagardère CEO to Resign After Being Charged With Embezzlement

(Bloomberg) -- Arnaud Lagardère, the French business scion who heads a publishing group now controlled by Vivendi SE, was charged with alleged embezzlement and will resign as chief executive officer of Lagardère SA.

The charges against the 63-year-old executive also include vote buying, abuse of power and breach of trust, disseminating false or misleading information and failure to publish accounts, according to a person familiar with the matter. He has been placed under judicial supervision, banned from holding executive roles and needs to post a bond of €200,000 ($214,000), said the person, who asked not to be named discussing a legal case.

Lagardère, who is chairman and CEO of Lagardère SA, will “resign his executive offices within the group,” the listed company said in a statement Tuesday, adding that directors will meet soon to consider governance. He “firmly disputes” the charges and plans to contest and appeal the ban on his holding executive roles.

“This indictment essentially concerns facts relating to personal companies wholly owned by Arnaud Lagardère and not involving any Lagardère group companies,” the company said. “As regards Lagardère SA, the indictment relates solely to facts dating from 2018 and 2019.”

Lagardère SA shares were 4.2% higher at 2:00 p.m. in Paris trading. 

The businessman’s attorney, Sebastien Schapira, declined to comment, while Vivendi, which controls Lagardère SA, reiterated on Monday its “support to the Lagardère group.”

The charges come after the prominent heir was questioned on Monday by a Paris judge. French daily Le Monde reported that he’s suspected of using around €80 million in company funds for personal expenses such as home renovations and private jet flights, as well as paying off debt related to inheritance. According to the newspaper, he’s also alleged to have unlawfully secured the support of Qatari shareholders during a 2018 corporate battle with Amber Capital. 

Lagardère’s legal woes are a dramatic twist for the businessman often glossing the pages of gossip magazines and cited in France as being at the center of one of the highest profile succession debacles in the nation’s corporate history. 

His father, Jean-Luc Lagardère, founded a French industrial and media giant whose influence reached deep into the country’s military and political establishment. After his sudden death in 2003, Arnaud took the helm and presided over the once sprawling conglomerate’s steady demise.

The son jettisoned much of the business to focus on publishing and travel retail and fended off takeover attempts that included a tussle between rival French billionaires Vincent Bollore and Bernard Arnault. The former prevailed through a plan to buy out the stake held by Amber Capital, which had attempted to shake up the Lagardère company.

In 2021, just as Vivendi was sealing the deal with Amber, French financial police raided Lagardère’s Paris headquarters searching for evidence of abuse of power, presentation of inaccurate accounts, misuse of corporate assets and vote buying.

The investigation began on April 30 of that year following a complaint from Amber Capital and an alert from France’s stock market regulator Autorité des Marchés Financiers, the justice ministry source said. 

Lagardère retains a stake of around 11% in Lagardère SA, which had revenue of €8.1 billion last fiscal year and paid Arnaud Lagardère €3.5 million. At the end of December, Vivendi had a stake of 59.8%, Qatar Holding LLC 11.5% and Arnault’s Financiere Agache had nearly 8%. 

Lagardère SA’s holdings include the Hachette imprint, Le Journal du Dimanche newspaper, Europe 1 radio and the Relay travel retail chain. Luxury giant LVMH, controlled by Arnault, is in talks to buy French glossy magazine Paris Match from Lagardère.

Read more: LVMH in Exclusive Talks With Lagardère for Paris Match Magazine

--With assistance from Benoit Berthelot.

(Updates with shares in fifth paragraph, details of probe from seventh paragraph.)

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