French travel retail company Lagardère Travel Retail has signed a long-term profit-sharing agreement with Peruvian air travel company Lima Airport Partners (LAP).
The 13-year concession contract, which will come into effect from next January, is based on profit sharing for the exclusive operation of duty-free shops at Jorge Chávez International Airport.
Lagardère Travel Retail will introduce the Aelia duty free brand in the duty free shops at the airport, which occupy a total of 3,000 m² of retail space.
This retail business model is expected to increase the sales potential of both companies and provide them with new investment opportunities.
The deal comes as the global travel industry slowly recovers from the severe repercussions of the Covid-19 pandemic.
Dag Rasmussen, Chairman and CEO of Lagardère Travel Retail, said: “We are delighted to have found in LAP a like-minded partner who has demonstrated the most innovative and pioneering way of thinking, the selection of an operator through an innovative partnership selection process right up to the contract. terms.
“As we continue to face many uncertainties and are relatively new to the South American region, this profit-sharing agreement is a great vote of confidence from LAP.”
LAP CEO Juan Jose Salmon said, “We believe collaboration is key to managing business relationships, as well as actively engaging in new partnership models.
“We are impressed with the high level of commitment and innovation from Lagardère Travel Retail, which they will soon bring to the Peruvian airport retail market.
“In the context of LAP’s airport expansion program, this agreement also sends a strong signal to Peru and to the global aviation and travel industries.”
In addition to the duty-free shops in the existing passenger terminal, the two companies will work together to open a store in the new airport terminal, which is expected to open in 2025.
In 2019, Jorge Chávez International Airport serves 23.6 million passengers.
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