Based in Geneva, Airport Fashion SA operates two retail units in Geneva International Airport. One multi-brands unit of 420 m² and one Ralph Lauren boutique, both located airside. The transaction will be officially closed on 29 February 2012.

Through this acquisition, Lagardère Services extends its luxury and fashion travel retail operations in Europe, which now includes operations in France, the UK, Spain, the Czech Republic and Poland, as well as in Singapore and in Australia. With this new development, Lagardère Services will benefit from the strong dynamism of Geneva International Airport, which is supported by its strong commercial dynamism together with Geneva's own attractiveness.

Lagardère Services local subsidiary, Payot Naville Distribution is already a highly diversified retail and distribution operation based in Geneva, operating a retail network comprising Relay, Naville, Payot Libraire, Nature & Découvertes, and News Café, in travel retail as well as in shopping malls and shopping streets throughout the region.

In this development Payot Naville Distribution will closely work with Aelia, LS Travel Retail's duty free and luxury division, and benefit from its key know-how in fashion operations, buying and marketing.

Commenting on this development, Dag Rasmussen expressed his 'satisfaction to develop further our group's foothold in travel retail. This new venture will combine our strong local skills and experience with Payot Naville Distribution and LS Travel Retail global capabilities and know-how.'

Jean-Marie Lebec, CEO of Payot Naville Distribution commented: 'This is a big move for our company. With Airport Fashion, we will expand the range of services and capabilities offered by our retail division, and we are fully committed to deliver strong results with the best marketing and services to our customers in Geneva Airport'.

Pierre Germain, Commercial director of Genève Aéroport also said: 'This takeover by PND who has been a reliable local partner for many years in our retail activities is likely to ensure a sound ongoing development of airside fashion operations and we are confident that they will be successful in this new challenge'.