The world's second biggest airport retail operator expands presence to 7th African country
The company already operates in six African countries which includes Benin, Gambia, Gabon, Mauritania, Senegal and Tanzania.
Forbes reports that the Paris-based Lagardère Travel Retail which operates a global network of 5,000 stores in more than 50 countries, generated $6.1 billion in sales last year for its media-to-retail parent, Lagardère Group.
CEO Dag Rasmussen said in a statement, ' This collaboration i s fully aligned with our ambition to grow in the South African market and more broadly across the region, a strategic priority for us and an area full of promise.'
'It also reflects our DNA: forging strong partnerships with locally rooted players who understand and anticipate local expectations.'
The strategic memorandum of understanding (MoU) signed with Tourvest will enable LTR to collaborate on retail, hospitality, and tourism development initiatives, starting in South Africa.
The presence of South Africa's Deputy President Paul Mashatile added significant weight to the announcement.
Africa's growing aviation retail market
Africa's air travel retail sector is booming, driven by rising passenger traffic, airport expansions, and growing demand for duty-free and convenience shopping.
As the continent's middle class expands and tourism flourishes, airports are becoming key destinations for retail brands.
With the Africa and Middle East travel retail sector valued at over $3.5 billion, South Africa's market is estimated to be worth over $100 million, while African duty-free and travel retail sales are projected to reach $841 million in 2024 as per Forbes.
Notably, Africa's airport shopping sector grew 7.6% last year, outpacing all other regions despite its challenges.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
35 minutes ago
- Business Insider
Upcoming Stock Splits This Week (July 28 to August 1)
These are the upcoming stock splits for the week of July 28 to August 1, based on TipRanks' Stock Splits Calendar. A stock split is a corporate play that boosts the number of shares in circulation by handing out extras to existing shareholders, without changing the company's overall value. This reduces the price per share, making the stock more affordable and often more appealing to retail investors. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. But not all splits are about broadening appeal. Some companies flip the script with a reverse stock split, consolidating shares to boost the share price while shrinking the total share count. The company's market cap stays the same, but the higher price tag often helps meet listing standards like Nasdaq's minimum price rule, warding off the threat of delisting. Whether the goal is to court investors or stay in the game, these corporate maneuvers often send signals that smart traders are quick to pick up on. Let's take a look at the upcoming stock splits for the week. ChargePoint Holdings (CHPT) – ChargePoint is an electric vehicle (EV) charging infrastructure provider operating an extensive network of chargers and connected services. On July 9, ChargePoint announced a 1‑for‑20 reverse stock split scheduled to become effective on July 28. The split is intended to increase the per-share price and regain compliance with NYSE's minimum bid price requirement, after trading below the $1.00 threshold since January 2025. FOXO Technologies (FOXO) – Developing advanced payment-processing platforms for the dental and medical industries, FOXO is taking strategic action to stay compliant with NYSE American listing standards. On July 17, the board approved a 1‑for‑1.99 reverse stock split effective on July 27, with trading on a split‑adjusted basis starting July 28. Mersana Therapeutics (MRSN) – Mersana is a clinical-stage biotech developing antibody‑drug conjugates (ADCs) targeting cancer. On July 24, it announced a 1‑for‑25 reverse stock split, effective before market open on July 28. The split seeks to increase per‑share price to regain Nasdaq Global Select listing compliance after prolonged depressed stock price. Ikena Oncology (IKNA) – Ikena Oncology, am immuno‑oncology biotech company, received shareholder approval on July 15 for a 1-for-12 reverse stock split, to be implemented at the start of trading on July 28 – the same day it merges with Inmagene Biopharmaceuticals. Upon closing, the combined company will be rebranded as ImageneBio and begin trading on Nasdaq under the ticker symbol IMA. AgriFORCE Growing Systems (AGRI) – AgriFORCE Growing Systems, a Canada-based ag-tech and food systems company listed in the U.S., is going through a 1-for-9 reverse stock split. Shareholders gave the green light back on June 6, and the move will officially take effect when markets opened on July 28. The goal here is to get the share price back above Nasdaq's $1.00 minimum and stay in compliance with listing rules. Velo3D, Inc. (VLDX) – Velo3D, a leading innovator in metal 3D printing technology, is making a move to reposition itself in the market. On July 25, the company announced a 1-for-15 reverse stock split, set to take effect at the start of trading on July 28. To mark the change, Velo3D shares will temporarily trade under the ticker symbol VLDXD for 20 sessions before reverting back to VLDX. Senmiao Technology (AIHS) – Senmiao Technology, a U.S.-listed fintech and auto-finance company based in China, is streamlining its stock structure with a 1-for-10 reverse split. Announced on July 24, and set to take effect on July 29, the move aims to lift its share price to meet Nasdaq's listing standards. Silexion Therapeutics (SLXN) – Israel-based Silexion Therapeutics is a clinical-stage biotechnology company focused on developing personalized cancer vaccines and immuno-oncology therapies. On July 16, Silexion announced a 1-for-15 reverse stock split of its common shares, effective after market close on July 28, with trading on a split-adjusted basis beginning July 29. The reverse split is intended to boost the stock price and regain compliance with Nasdaq's minimum bid price requirement for continued listing. NaaS Technology (NAAS) – NaaS Technology is a China-based provider of EV charging services and software, listed on the Nasdaq. On July 14, the company announced a 1-for-4 reverse ADS split set to take effect on or about July 30. The move aims to lift the ADS price, ensure compliance with Nasdaq's minimum bid requirement, and strengthen its appeal to investors. Biodexa Pharmaceuticals (BDRX) – Biodexa Pharmaceuticals is a UK-based clinical-stage biotechnology company focused on developing treatments for diseases with unmet medical needs, including a Phase 3 trial for familial adenomatous polyposis and a Phase 2a trial for type 1 diabetes. On July 15, the company announced a 1-for-10 reverse ADR split, effective July 31. The goal is to raise the ADR trading price to meet Nasdaq's $1.00 minimum bid price requirement. Yoshiharu Global (YOSH) – Yoshiharu Global is a restaurant operator specializing in Japanese ramen and rolls, primarily located in Southern California and Nevada. On July 18, the board and shareholders approved a 4-for-1 forward stock split, record date July 28, with the additional shares distributed after market close on July 30, and trading on a post-split basis starting July 31. The aim is to increase stock liquidity and investor accessibility, making the shares more appealing to retail investors. TipRanks Stock Splits Calendar.
USA Today
36 minutes ago
- USA Today
LIV Golf heading to South Africa for first time, league will play in 5 continents in 2026
LIV Golf continues to expand its schedule, and next year, it's going to South Africa for the first time. The league announced Saturday it will be heading to Steyn City in Johannesburg, South Africa, as part of a multi-year commitment to host an event in Africa. It will be the fifth continent to host a LIV Golf event in 2026, with confirmed events already in Australia and Europe on the schedule. The South Africa event will be held March 20-22. 'It's always special to compete at home, and I'm incredibly proud to bring LIV Golf to South Africa for the first time," said captain Louis Oosthiuizen of Stinger GC, the South African team on LIV Golf. "For Branden, Charl, Dean and I to play in front of our fans, friends and families will be an unforgettable experience. South African sports fans love their golf, and I am sure they will turn out in large numbers to support Stinger GC. South Africa has given so much to us, and now we get to give something back.' Other confirmed dates on the LIV Golf schedule are a return to Adelaide, Australia, from Feb 13-15 and for LIV Golf UK at JCB Golf and Country Club from July 24-26, where Joaquin Niemann won for the fifth time this season Sunday. LIV Golf is also expected to have an event in Saudi Arabia and numerous in the United States next year. The league has hosted tournaments in Singapore and Hong Kong for multiple seasons and debuted in Korea for the first time earlier this year. 'I will tell you that old saying, it truly takes a village to bring an event of this size and scope to a new location,' LIV CEO Scott O'Neil said. 'I will speak for myself saying me and the Minister in five minutes, and speaking to Ross Hallett and Chris Bentley, two of my colleagues here, we knew instantly that (South Africa) is a place we want to be for a very long time. 'I'm humbled. I'm thrilled. I will tell you that to the amazing country of South Africa, we bring an amazing group of people. We bring the best players in the world of golf, and we bring airplane flights, and we fill hotel rooms, and we fill restaurants. In Australia just last year, we had $84 million USD of economic impact. We also bring social impact.' Steyn City is a Jack Nicklaus design located in Midrand, South Africa. Gayton McKenzie, South Africa's Minister of Sports, Arts and Culture, said, 'LIV Golf has taken a step that I think is worth emulating for all the major sporting bodies around the world. LIV Golf understands that it cannot truly be called an international competition if it misses a continent. I thought it's going to be very hard to convince LIV Golf that they have to go to South Africa. "I can tell you, after meeting Scott, the CEO, after meeting Ross, I have nothing but praise for them.' More details about the complete 2026 LIV Golf schedule are expected to be announced in the coming weeks.
New York Post
an hour ago
- New York Post
Trump ‘really likes' TikTok— but admin warns Chinese ownership not acceptable as dead deadline looms
President Trump likes TikTok but the Chinese-owned short video app, used by some 170 million Americans, has to move to US ownership, Secretary of Commerce Howard Lutnick said on Sunday. 'The President really likes TikTok, and he said it over and over again, because, you know, it was a good way to communicate with young people,' Lutnick said in an interview on Fox News Sunday with Shannon Bream. 'But let's face it, you can't have the Chinese have an app on 100 million American phones, that is just not okay. So, it's got to move to American ownership, it's got to move to American technology, American algorithms,' he said. 'I know the President is positive towards TikTok, if it can move into American hands.' Advertisement 3 Commerce Secretary Howard Lutnick said Sunday that President Trump likes TikTok because 'it was a good way to communicate with young people.: FOX NEWS Lutnick's comments follow his warning last week that TikTok will have to stop operating in the U.S. if China does not approve a deal for the app. He told CNBC on Thursday that US must control the algorithm that makes the social media platform work. Advertisement TikTok parent ByteDance has a Sept. 17 deadline to divest the platform's US assets. Last month, President Trump extended by 90 days to Sept. 17, a deadline for China-based ByteDance to divest the US assets of TikTok. Trump's action took place despite a 2024 law that mandated a sale or shutdown by Jan. 19 of this year if there had not been significant progress. 3 President Trump has set a Sept. 17 deadline for Chinese firm ByteDance to divest TikTok's US assets. Getty Images 'China can have a little piece or ByteDance, the current owner, can keep a little piece. But basically, Americans will have control. Americans will own the technology, and Americans will control the algorithm,' Lutnick said. Advertisement 'If that deal gets approved, by the Chinese, then that deal will happen,' he added. 'If they don't approve it, then TikTok is going to go dark, and those decisions are coming very soon.' 3 A deal that was in the works this spring that would spin off TikTok's US operations into a new US-based firm stalled. Chidori_B – A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors. This stalled after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. Trump has three times granted reprieves from federal enforcement of the law that mandated the sale or shutdown of TikTok that was supposed to take effect in January.
