THE WHAT? Lagardere has announced that it has sold a stake in its Lagardere Travel Retail Asia arm to JD.com and a Chinese investment firm for CNY720 million in cash.
THE DETAILS The share amounts to 22.36 percent of the share capital, of which JD.com will hold 18.63 percent.
THE WHY? The minority stake is part of a strategic partnership that will accelerate Lagardere Travel Retail’s development in Asia, particularly in the digital arena. Simon Han, Vice President of JD.com supervising JD Worldwide, revealed, “Our strategic cooperation with Lagardère Travel Retail can enhance our respective strengths and bring mutual benefits, allowing us to explore more opportunities in the travel retail sector. At the same time, we will join hands to develop a comprehensive cooperation that will create richer shopping choices and a better experience for customers.”