Lagardere Services SAS - Strategic SWOT Analysis Review

Reference Code: GDRT88159SA Publication Date: DEC 2010

2, rue Lord Byron Phone +33 142 99 Revenue 4,419 (million EUR)
Paris Fax +33 142 99 Industry Retailing
75008 Website www.lagardere-services.com Employees 11,000
France

Company Overview
Lagardere Services SAS (Lagardere Services), a subsidiary of Lagardere SCA, is an in-store retailer. The company is engaged in
operating convenience stores, airport shops, specialty stores, bookstores, newsstands and duty free shops and shopping malls.
The company operates 3,900 stores in 21 countries of the world. The product line of the company includes magazines, books,
beauty products, perfumes, duty free products, CDs, fashion clothes, toys, CDs/DVDs, grocery items, food products and
accessories. The company offers products of several brands, including Beauty Unlimited, Discover, Gourmand, La Cave a
Cigares, Naville, Newslink, Payot and others. The company is headquartered at Paris, France.

Key Executives SWOT Analysis

Name Title Lagardere Services SAS, SWOT Analysis
Jean-Louis Nachury Chairman Strengths Weaknesses

Raisin Scott Chief Executive Officer,

Social Welfare Activities Private Ownership
Asia-Pacific
Morin Jean-Baptiste Chief Executive Officer, Wide Network of Stores Weak Financial Performance
Aelia
Stephanie Metz Vice President,
Thevenod Strategy, Innovation &
Sustainable Opportunities Threats
Development
Private Label Gaining Momentum Intense Competition
Dag Inge Rasmussen Chief Operating Officer
Source: Company Website, Primary and Secondary Research,
GlobalData Expansion of Business in Emerging Global Economic Slowdown
Markets

Key Competitors
The Nuance Group AG Source: Company Website, Primary and Secondary Research, GlobalData

The Hearst Corporation

World of Delights
Bertelsmann AG
Dufry AG
Source: Company Website, Primary and Secondary Research,
GlobalData

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 Table of Contents
Table of Contents 2
List of Tables 3
Section 1 - About the Company 4
Lagardere Services SAS - Key Facts 4
Lagardere Services SAS - Key Employees 5
Lagardere Services SAS - Key Employee Biographies 6
Lagardere Services SAS - Major Products and Services 7
Lagardere Services SAS - History 8
Lagardere Services SAS - Company Statement 9
Lagardere Services SAS - Locations And Subsidiaries 10
Head Office 10
Other Locations & Subsidiaries 10
Section 2 – Company Analysis 12
Lagardere Services SAS - Business Description 12
Lagardere Services SAS - SWOT Analysis 13
SWOT Analysis - Overview 13
Lagardere Services SAS - Strengths 13
Strength - Social Welfare Activities 13
Strength - Wide Network of Stores 13
Strength - Wide Range of Products and Services 13
Lagardere Services SAS - Weaknesses 13
Weakness - Private Ownership 13
Weakness - Weak Financial Performance 14
Lagardere Services SAS - Opportunities 14
Opportunity - Private Label Gaining Momentum 14
Opportunity - Expansion of Business in Emerging Markets 14
Opportunity - Increasing Opportunities for Online Retailers 14
Lagardere Services SAS – Threats 14
Threat - Intense Competition 14
Threat - Global Economic Slowdown 15
Threat - Technological Impact on Traditional Sales 15
Lagardere Services SAS - Key Competitors 16
Section 3 – Appendix 17
Methodology 17
About GlobalData 17
Contact Us 17
Disclaimer 17

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 List of Tables
Lagardere Services SAS, Key Facts 4

Lagardere Services SAS, Key Employees 5

Lagardere Services SAS, Key Employee Biographies 6

Lagardere Services SAS, Major Products and Services 7

Lagardere Services SAS, History 8

Lagardere Services SAS, Other Locations 10

Lagardere Services SAS, Subsidiaries 11

Lagardere Services SAS, Key Competitors 16

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 Section 1 - About the Company

Lagardere Services SAS - Key Facts

Lagardere Services SAS, Key Facts
Corporate Address 2, rue Lord Byron, Paris,
75008, France
Telephone +33 142 99 No. of Employees 11,000
Fax +33 142 99 Fiscal Year End December
URL www.lagardere-services.com Revenue (in USD Million) 6,137.2
Industry Retailing Revenue (in EUR Million) 4,418.8
Locations Australia, Belgium, Bulgaria, Canada, China, Czech Republic, France, Germany, Hungary,
Poland, Portugal, Romania, Serbia, Singapore, Switzerland, Taiwan, United Kingdom, United
States
Source: Company Website, Primary and Secondary Research
GlobalData

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 Lagardere Services SAS - Key Employees

Lagardere Services SAS, Key Employees

Name Job Title Board Level Since Age
Jean-Louis Nachury Chairman, Chief Executive Executive Board
Officer

Raisin Scott Chief Executive Officer, Asia- Executive Board

Pacific
Morin Jean-Baptiste Chief Executive Officer, Aelia Executive Board
Stephanie Metz Thevenod Vice President, Strategy, Senior Management
Innovation & Sustainable
Development
Dag Inge Rasmussen Chief Operating Officer, Senior Management
President

Louis De Rostolan Chief Operating Officer Senior Management

Frederic Renault Executive Vice President, Senior Management
Human Resources &
Communication
Francois Gues Chief Operating Officer, Senior Management
Corporate Functions
Frederic Ferrer Deputy Director, Financial Senior Management
Control
Frederic Chevalier Executive Vice President, Senior Management
Strategy Innovation &
Sustainable Development
Dag Inge Rasmussen Chief Operating Officer, Senior Management
President

Porti Dennis F. Chief Operating Officer, Curtis Senior Management

Circulation Company , President
Source: Company Website, Primary and Secondary Research
GlobalData

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 Lagardere Services SAS - Key Employee Biographies

Lagardere Services SAS, Key Employee Biographies

Jean-Louis Nachury Jean-Louis Nachury is currently the chairman and chief executive officer
Job Title: Chairman, Chief Executive Officer of the company. He also serves as chief executive officer of HDIS CIS, a
subsidiary of Lagardere SCA. Prior to this, he served as chairman and
Board Level: Executive Board chief executive officer of Hachette Distribution Services.

Source: Company Website, Primary and Secondary Research

GlobalData

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 Lagardere Services SAS - Major Products and Services
The company’s key products and services include the following:

Lagardere Services SAS, Major Products and Services

Products:

Magazines

Books

Beauty Products

Perfumes

Duty Free Products

Fashion Clothes

Toys

Cds/DVDs

Grocery Items

Food Products

Accessories
Brands:

Beauty Unlimited

Discover

Gourmand

La Cave a Cigares

Naville
Source: Company Website, Primary and Secondary Research
GlobalData

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 Lagardere Services SAS - History

Lagardere Services SAS, History

2009 Corporate Tie-ups The company has tied up with Carrefour for press distribution in
hypermarkets
2009 Corporate Changes/Expansions Lapker, company’s Hungarian subsidiary opened the first Costa Coffee in
Budapest
2009 Corporate Changes/Expansions SGEL opens La Cure Gourmande shop in Madrid.
2009 Corporate Changes/Expansions The company opens new concept "Coffee Shop & Convenience Store" in
Paris
2009 Corporate Changes/Expansions HDS Retail North America opens Relay-Van Houtte at Montreal Airport
2009 Corporate Changes/Expansions HDS Retail Opens New Stores at Vancouver International Airport
2008 Corporate Changes/Expansions The company’s subsidiary Aelia opened a new store in airport of Marseille
Province of France.
2007 Corporate Changes/Expansions The company launched its duty free operations in Poland.
2007 Corporate Changes/Expansions The RELAY stores were opened in Taiwan and China.
2006 New Products/Services The company launched HDS Digital, the digital press kiosk.
2004 Corporate Changes/Expansions The company launched its duty free shops in the UK.
2003 Acquisitions/Mergers/Takeovers The company’s subsidiary Aelia in partnership with Aeroports de Paris
formed SDA.
2001 Corporate Changes/Expansions The company created its subsidiary Aelia by merging Aeroboutique with it.
2000 Corporate Changes/Expansions The company launched RELAY brand of stores, the leading international
brand in travel retail.
1999 Corporate Changes/Expansions The company launched its retail operations in Germany, Poland and the
Czech Republic.
1991 Corporate Changes/Expansions The company started its international distribution activity in Central And
Eastern Europe.
1986 Acquisitions/Mergers/Takeovers The company acquired Curtis Circulation Company of USA.
1968 Corporate Changes/Expansions The company started its operations in Canada.
1913 New Products/Services The press distribution activity of the company was started in Belgium and
Spain.
1852 Incorporation/Establishment The company was incorporated as its first railway station bookstore was
opened in Paris.
Source: Company Website, Primary and Secondary Research
GlobalData

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 Lagardere Services SAS - Company Statement

A statement by Mr. Jean-Louis NACHURY, the Chief Executive Officer of Lagardere Services SAS is given below.
The statement has been taken from the company’s website.

To facilitate access to everyone, everywhere, to a wide diversity of ideas and services, is the mission of Lagardère
Services.

Operating in twenty-one countries throughout Europe, North America, Asia and the Pacific, Lagardère Services is a
world leader in Travel Retail and Press Distribution, as well as an innovative Highstreet retailer. It runs the largest
international network of media, duty free and specialty stores. Considered as a reference in the industry, it operates
strong brand names like Relay, Aelia and Virgin.

Our Group is committed to providing support for its business partners, publishers and landlords, and helping them
meet ever-increasing customers' expectations.

Lagardère Services is operating in a multi-cultural environment and relies on local management teams to head up
subsidiaries. Our Group shares fundamental key values: Innovation, Initiative, Professionalism, Team Spirit and
Ethics.

This corporate culture served by an ambitious strategy ensures long-term success to our Group which, I am sure, will
continue to evolve and overcome every challenge it encounters.

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 Lagardere Services SAS - Locations And Subsidiaries
Head Office
Lagardere Services SAS
2, rue Lord Byron
Paris
75008
France
Tel: +33 142 99
Fax: +33 142 99

Other Locations & Subsidiaries

Lagardere Services SAS, Other Locations

Lagardère Services Asia Pacific HDS Retail North America

Level 5, 50 Holt Sreet 370 King Street West,
Surry Hills 6th Floor
Sydney Toronto
NSW 2010 ON
Australia M5V 1J9
Tel: +61 2 92818655 Canada
Fax: +61 2 92124158 Tel: +1 416 8636400
Fax: +1 416 8636552
Lagardère Services Asia Pacific (China) HDS Retail Deutschland GmbH
Hongqiao Airport, Yingbin 1 Road n. Bahnhofsplatz 1
588, Hongda Building, Room 312 Wiesbaden
Shanghai D-65189
SHA Germany
200235 Tel: +49 611 973070
China Fax: +49 611 973071
Tel: +86 21 62682839
Fax: +86 21 62691298
Lagardère Services Asia Pacific Sociedad General Española de Librería
51 Bras Basah Avenida
Road, #07-03 Plaza By The Park Valdelaparra 29
Singapore Alcobendas
189554 28108
Singapore Spain
Tel: +65 65931705 Tel: +34 91 6576900
Fax: +65 62231607 Fax: +34 91 6576918
Hungaropress
Táblás u. 39
Budapest
1097
Hungary
Tel: +36 1 3484040
Fax: +36 3484050
Source: Company Website, Primary and Secondary Research
GlobalData

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 Lagardere Services SAS, Subsidiaries

Curtis Circulation Company AMP

730 River Road 1, rue de la Petite Ile
New Milford Bruxelles
NJ Belgium
+7646 3048 Tel: +32 2 5251411
United States Fax: +32 2 5201229
Tel: +1 201 6347400
Fax: +1 201 6347499

Source: Company Website, Primary and Secondary Research

GlobalData

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 Section 2 – Company Analysis

Lagardere Services SAS - Business Description

Lagardere Services SAS (Lagardere Services), formerly known as Hachette Distribution Services, is engaged in
retailing of food and non-food items. The company offers a wide assortment of products, including books, magazines,
newspapers, grocery items and duty free products. The company operates a network of 3,900 stores in 21 countries,
including around 100 stores in airports, 350 in railway stations, 330 in commuter stations, 450 in malls, supermarkets
and hypermarkets. The company is also involved in the distribution of national and international newspapers and
magazines in 11 countries. The company operates its business under three reportable business divisions, namely,
travel retail, shopping malls and high street retail, and press distribution.

Under travel retail division, the company operates its stores in airports, railway and metro stations, offering a wide
assortment of magazines, books, duty free products, CDs, fashion, toys, coffee, grocery, food and other related
products. It has over 1,600 stores located in 18 countries, 100 stores located in major airports, including airports of
Paris, New York, Frankfurt, Madrid and other major cities. In addition, it also has 500 stores located in railway stations
of countries like France, Belgium and others. The company also operates duty free stores, specialized airport retail
stores and publication stores. Under RELAY brand, the company operates a wide network of 1,200 publication stores
located in 15 countries. The company, through duty free and specialty airport retail sub division, operates a chain of
150 specialty stores and duty free shops under Aelia banner in 7 countries. Aelia offers a wide range of perfumes,
cosmetics, alcohols, tobacco products, video and audio products, gourmet products, gifts, luggage and fashion
related articles. In addition, the company also offers on-board sales in several international airlines, namely, Air
France, under the brand AIR. It also sells merchandise of brands, namely, Pure & Rare, Beauty Unlimited, French
Days, Cosmopole, Sunny Days and others. Apart from this, the company also operates other stores under the brand
names including Virgin, Discover, L’Occitane en Provence, Depart Immediat, Hub Convenience. This business
activity accounted EUR 2 billion sales in the fiscal year 2009.

Under shopping malls and high street retail division, the company operates through three sub divisions, namely,
newsstands, bookstores and partnerships. Through newsstands sub division, the company operates a network of 800
high street and shopping malls press stores under the banner INMEDIO. INMEDIO has its stores in Poland, Romania,
Serbia and Hungary. PAYOT Libraire, the company’s bookstores brand, offers a wide selection of over 35,000 to
130,000 books to its customers. The company operates 12 PAYOT Libraire stores in Swiss metropolitan areas.
Under specialized branded retail sub divison, Lagardere Services, operates food joints and coffee shops in
partnership with some of the major retailers including Paul, Printemps, Bijoux Terner, Hermes, Moa, L'Occitane and
others. The company operates these stores in 21 countries of the world. This business activity accounted for 21% of
the total revenues of fiscal year 2009.

Press distribution division operates under three sub divisions, namely, national distribution, press wholesale and
international distribution. Under national distribution, the company supplies more than 50,000 press outlets in 8
European countries, including the US, Switzerland, Spain, Hungary, Serbia, Romania and Belgium. In addition, the
company is a leading wholesaler of press publications, with every day supplying around 50,000 points of sales in
Belgium, Spain, Hungary, and Poland. Under international distribution, the company carries import activities of
publications ranging from magazines to newspapers in ten countries, including Belgium, Bulgaria, Canada, Czech
Republic, Hungary, Romania, Serbia, Spain, Switzerland, and the US. This business activity accounted for 44% of the
total revenues of fiscal year 2009.

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 Lagardere Services SAS - SWOT Analysis

SWOT Analysis - Overview

Lagardere Services SAS (Lagardere Services) is an in-store retailer. The company offers a wide assortment of
products, including books, magazines, newspapers, grocery items and duty free products. The company’s wide
network of stores, wide product offerings and increased social welfare activities has given it a good market image. In
addition, growth in e-retail, growing demand of private labeled products, and scope of business in emerging markets
ensures a positive future for the company. However, its weak financial performance is hampering its business growth.
Further, it faces challenges from weak global market outlook and intense competition.

Lagardere Services SAS - Strengths

Strength - Social Welfare Activities

The company is engaged in many social welfare activities, which helps it to establish a good brand image and
goodwill across the world. The company, through its subsidiaries, involves in many charities, like RELAY supported
several campaigns organized by UNICEF by raising funds at the local level for children in need. It also gave its
support to several bodies, namely, the Red Cross, UNESCO, Make a Wish Foundation and the WWF. These social
welfare activities help the company in gaining a good and clean market image.
Strength - Wide Network of Stores
The company operates through a wide number of stores in 21 countries. Wide network of stores helps the company
to offer a wide range of products and services and maintain proximity with its customers. The company operates a
network of 3,900 stores in 21 countries, including around 100 stores in airports, 350 in railway stations, 330 in
commuter stations, 450 in malls, supermarkets and hypermarkets. The company, through retail travel division,
operates over 1,600 stores located in 18 countries, including 100 stores located in major airports of Paris, New York,
Frankfurt, Madrid and other cities. In addition, it also has 500 stores located in railway stations of countries like
France, Belgium and others. The company operates its 1,200 publication stores in 15 countries functioning under its
international flagship banner RELAY. The company, under Duty free and specialty airport retail, operates a chain of
150 specialty stores and duty free shops under Aelia banner in 7 countries. In the newsstands segment, the company
operates a network of 800 high street and shopping malls press stores under the banner INMEDIO in Poland,
Romania, Serbia and Hungary.
Strength - Wide Range of Products and Services
The company offers a wide range of products and services through its three business divisions, namely, travel retail,
malls & highstreet retail and press distribution. Wide range of business activities helps the company to attract more
customers and earn high revenues. Under travel retail division, the company offers a wide assortment of magazines,
books, duty free products, CDs, fashion, toys, coffee, grocery, food and other related products. The company through
malls & highstreet retail division offers a wide selection of around 35,000 to 130,000 books to its customers from
newsstands, bookstores and partnerships. The company, through press distribution division, supplies and distributes
newspapers, magazines and other journals in 8 countries around the world. In addition, the company also carries
import activities of publications ranging from magazines to newspapers in ten countries, including Belgium, Bulgaria,
Canada, Czech Republic, Hungary, Romania, Serbia, Spain, Switzerland, and the US through its international
distribution network.

Lagardere Services SAS - Weaknesses

Weakness - Private Ownership

Lagardere Services SAS is a privately-held company. This gives rise to certain disadvantages compared to public
limited companies. It has limited management layers and as a result, it has comparatively fewer decision makers. On
the other hand, public limited companies have an edge over these companies as they are required to have sufficient
members on the management and company’s board, which facilitates close scrutiny of an issue and renders decision
making easier and efficient. Public companies also need to be transparent both financially and operationally, which is
not the case with the privately-held companies. Thus, the company is prone to such challenges.

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 Weakness - Weak Financial Performance
During fiscal year 2009, the company witnessed a fall in its revenues. The company recorded annual revenues of
EUR 4.4 billion, as compared to EUR 4.6 billion in the previous fiscal. Further, the revenues in the year 2008 had
declined from EUR 4.9 billion over the year 2007. The company recorded less revenue, due to the global economic
downturn, as customers tend to postpone their discretionary shopping. There was also a fall in the number of
passengers in the airports and railway stations worldwide, due to which the company recorded lower revenues.
According to International Civil Aviation Organization, North American carriers, which accounted for nearly 57% of
global domestic traffic, witnessed a decline of 3.40% over 2009. The decline in revenues is a big concern for the
company as it would halt the expansion prospects.

Lagardere Services SAS - Opportunities

Opportunity - Private Label Gaining Momentum

The company can benefit from increasing reaches of private label and thus, increase its business and margins. The
company offers several products under its private label barnds, including Beauty Unlimited, Discover, Gourmand, La
Cave a Cigares and Navilleand. According to a report by the Confederation of the Food and Drink Industries of the
EU (CIAA), there is a shift in consumer spending towards private label products. Also, it is observed that private label
products have reaches as high as 48% in traditional retailers and 94% in discounters. Private labels may become
even more popular due to the current economic conditions. Though price is one prime factor driving private label
sales, it is not the sole factor. Increasing quality of private label products will assure sales even after the economy
recovers.

Opportunity - Expansion of Business in Emerging Markets

The company can enhance their business expansion throughout the continents with its broad range of product
offerings, including magazines, books, beauty products, perfumes, duty free products, CDs, fashion clothes, toys,
CDs/DVDs, grocery items, food products and accessories. Currently, the company has its business operations in 21
countries, but has very limited or no operations in emerging markets, like India, China, and other emerging countries.
According to IATA, in spite of global economic slowdown, India witnessed a traffic growth of 12% and major cities like
Calicut, Cochin, Hyderabad and Bangalore witnessed international traffic growth of 56%, 17%, 16% and 14%
respectively. Similarly, China’s airlines handled 21.7 million passengers in Oct-2009, an 18.0% year-on-year
increase. With the company’s operations in China and Singapore taking shape, it can leverage on the opportunities in
these markets.

Opportunity - Increasing Opportunities for Online Retailers

The company can venture into e-retail and benefit from its growth trend, which is supported by rising internet
penetration and increasing familiarity to online shopping. Since, the company has presence in many parts of the
world, it can further increase its market presence and acquire more market share, by selling through website. The
company can look to expand its operations, as now days, a large number of customers are making credit card
purchases through e-commerce, avoiding large number of queues, the company can look into the opportunity and
can start selling its products through website. According to a report by Forrester, Online retail sales in Western
Europe would reach €175 billion by 2013, mainly contributed by the UK, Germany, and France.

Lagardere Services SAS - Threats

Threat - Intense Competition

Intense competition can force the company to invest heavily in advertising and promotion campaigns, which may
result in increased expenditure. The company operates through its stores located in 21 countries, including Australia,
Canada, China, Finland, France, Germany and others. The company faces a stiff competition in and across
different formats and countries. It competes hard with other book stores, duty free shops, online retailers, and airport
and railway station shops operating through national and regional chains. Some of the major direct competitors of the
company include Bertelsmann AG, The Hearst Corporation, Dufry AG, including and other retailers.

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 Threat - Global Economic Slowdown
The company faces a major challenge in sustaining its revenue growth due to the economy slowdown in the French
economy caused mainly due to the global crisis. As a result, the banks have tightened their credit lending process
thereby affecting the consumers’ shopping activity. Even the market volatility concerns have made them shop only for
basic and essential goods, thereby creating a major challenge for the goods manufacturers whose sales have been
witnessing a major decline. According to The World Bank, overall global GDP contracted by 2.2% in 2009, with 1.2%
growth rate in the developing economies – well below the 5.6% growth rate in 2008. In 2009, the GDP growth in the
US weakened to -2.4% while in the Euro zone, GDP in 2009 contracted more sharply by 3.9% from 0.5% in 2008.
These macroeconomic factors could affect the growth in air-traffic and in turn the company’s overall growth.

Threat - Technological Impact on Traditional Sales

The company’s performance could be affected by the rising entry of counterfeit products in the market, especially in
the emerging countries. The growing market for counterfeit goods has been on the rise across industries and is
affecting the sales as well as the image of established brands. With global annual sales of around USD 500 billion,
these counterfeit goods are expected to cross USD 2 trillion in sales by 2026. According to the AFPI, the music biz
made $3.7 billion on digital downloads in 2008 with a mere 5% of dowloaded music was actually paid for. Digital
piracy, long confined to music and movies, is spreading to books. And as electronic reading devices such as
Amazon's Kindle, the Sony Reader, Barnes & Noble's Nook, smartphones and Apple's much-anticipated "tablet"
boost demand for e-books, the problem may only get worse.

NOTE:
The above strategic analysis is based on in-house research and reflects the publishers opinion only

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 Lagardere Services SAS - Key Competitors
Lagardere Services SAS, Key Competitors
Name Headquarters Revenue (US$ m)
Dufry AG Switzerland 2,182

Bertelsmann AG Germany 22,019

World of Delights Netherlands

The Hearst Corporation United States
The Nuance Group AG Switzerland 1,451
Source: Company Website, Primary and Secondary Research
GlobalData

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 Section 3 – Appendix

The data and analysis within this report is driven by GlobalData.

GlobalData gives you key information to drive sales, investment and deal making activity in your business.
Our coverage includes 150,000+ reports on 125,000+ companies (including 85,000+ private) across 200+ countries
and 29 industries. The key industries include Alternative Energy, Oil & Gas, Clean Technology, Technology and
Telecommunication, Pharmaceutical and Healthcare, Power, Financial Services, Chemical and Metal & Mining.

Methodology
GlobalData Company reports are based on a core set of research techniques which ensure the best possible level of
quality and accuracy of data. The key sources used include:
 Company Websites
 Company Annual Reports
 SEC Filings
 Press Releases
 Proprietary Databases
Notes
 Financial information of the company is taken from the most recently published annual reports or SEC filings
 The financial and operational data reported for the company is as per the industry defined standards
 Revenue converted to USD at average annual conversion rate as of fiscal year end
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