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LagardèRe Group

Lagardère S.A.

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Lagardère S.A.

Headquarters of Lagardère S.A. at Rue de Presbourg, Paris Company type Public Traded as Euronext Paris: MMB ISIN FR0000130213 Industry Publishing, Travel Retail, Live Entertainment, Media, sports club Founded 1992; 33 years ago (1992) Founder Jean-Luc Lagardère Headquarters Paris, France Key people

Lagardère S.A. (French pronunciation: [laɡaʁdɛʁ]) is, for all intents and purposes, a sprawling international conglomerate, casually extending its operations across more than 40 countries. Based in the rather exclusive 16th arrondissement of Paris, this group, which has seen more corporate transformations than most people experience in a lifetime, was originally conceived and brought into existence in 1992 by the late Jean-Luc Lagardère. At its inception, it bore the rather unwieldy moniker of Matra, Hachette & Lagardère, reflecting its diverse, almost disparate, origins.

Currently presided over by Arnaud Lagardère, the company has, in recent years, supposedly "refocused" its labyrinthine structure around two principal divisions: the venerable Lagardère Publishing and the rather more transient Lagardère Travel Retail. While its publishing arm, Lagardère Publishing, encompasses a substantial portfolio of book and e-publishing activities, notably including the colossal imprint Hachette Livre, its Travel Retail segment (Lagardère Travel Retail) is primarily concerned with the operation of retail outlets. These are strategically, and predictably, situated in high-traffic locations such as airports [5] and railway stations, catering to the captive audience of the perpetually moving masses.

Beyond these two ostensibly core divisions, the group’s business scope unfurls to reveal a collection of other, equally diverse, activities. These include Lagardère News, which holds the reins of publications like Le Journal du Dimanche and manages the licensing for the globally recognized Elle brand. Then there's Lagardère Radio, overseeing popular French radio stations such as Europe 1, Europe 2, and RFM. Not content with mere words and sounds, the group also delves into Lagardère Live Entertainment, an entity dedicated to the production of concerts and various live shows, alongside the management of performance venues. And, because why not, it also includes Lagardère Paris Racing, a sports club, proving that no niche is too obscure for a diversified conglomerate.

In a rather significant corporate maneuver that unfolded on November 21, 2023, the French media giant Vivendi successfully completed its acquisition of a majority stake, specifically 60%, in Lagardère [6] [7] [8]. This move effectively shifted the balance of power, placing a substantial portion of Lagardère under Vivendi's expansive corporate umbrella.

However, the corporate dance was far from over. By the following year, Vivendi, in a display of strategic restructuring, announced a major breakup of its diverse businesses. As a direct consequence of this restructuring, Vivendi's shares in Lagardère were subsequently transferred to the newly formed Louis Hachette Group. This transfer occurred just prior to the latter's official listing on the stock exchange in December of that same year [9] [10], further complicating the already intricate web of ownership and corporate identity.

History

Hachette and Matra, the foundation of Lagardère

The convoluted origins of what would eventually coalesce into the Lagardère Group can be traced back to the rather more humble beginnings of Louis Hachette's acquisition of the Parisian bookstore Brédif in the year 1826. Hachette, not content with merely selling books, swiftly expanded his ambitions, venturing into the burgeoning world of publishing. He notably brought forth magazines tailored to public entertainment, such as Le Journal pour Tous ("Everyone's Newspaper"), first appearing in 1855. His intellectual curiosity also led him to collaborate on the monumental Dictionnaire de la Langue française ("Dictionary of the French Language") with his esteemed friend Littré, a formidable undertaking that commenced its publication in 1863. Decades later, in 1953, Hachette continued its legacy of innovation in the publishing world by launching Le Livre de Poche, the groundbreaking paperback collection, in collaboration with Henri Filipacchi [11], effectively democratizing access to literature for a wider audience.

Meanwhile, entirely separate from the world of printed words, the company known as Matra (an acronym for Mechanics/Aviation/Traction) emerged in 1945, charting a course through the high-stakes realm of technology and engineering. Matra was the driving force behind a series of ambitious and impressive technological projects, including the creation of a twin-engine aeroplane prototype capable of reaching speeds of 800 km/h. More notably, it was credited with breaking the sound barrier at Mach 1.4 in vertical flight for the first time in Europe, a feat that, while impressive, probably requires a bit more "clarification needed" for those of us not intimately familiar with supersonic aerodynamics. The company's aerospace ventures continued to evolve, leading to the formation of Matra Marconi Space in 1990, a joint venture born from the union of Matra Espace and the aerospace division of Gec Marconi. This trajectory continued with Matra Hautes Technologies integrating into the broader aerospace industry, officially becoming Aerospatiale Matra on June 11, 1999. The ultimate culmination of these intricate mergers arrived on July 10, 2000, with the founding of EADS, or the European Aeronautic Defence and Space Company, later to be known as Airbus. This colossal entity was born from the merger of Aérospatiale Matra SA, Aeronautics SA, and DaimlerChrysler Aerospace AG [13]. In the same year, EADS officially launched the ambitious A380 program, a project that would see its monumental aircraft make its inaugural flight in 2005.

Jean-Luc Lagardère and the birth of the group

In 1963, a pivotal moment arrived when Jean-Luc Lagardère was appointed Chief Executive Officer of Matra, a company that, at the time, employed a modest 1,450 individuals [14]. His influence expanded significantly in 1981 when he assumed leadership of Hachette, effectively bringing together two seemingly disparate industrial and cultural powerhouses. The group's international ambitions became evident in 1988 with its first overseas acquisition: Grolier Encyclopedias in the USA, a move that signaled a broader strategic vision. Following a year of intense and perhaps agonizing restructuring, the Matra Hachette and Lagardère group was formally established in 1992, marking the official birth of the conglomerate.

Not all of Lagardère's ventures were met with success, however. In 1990, Jean-Luc Lagardère made a foray into the tumultuous world of television, taking the helm of La Cinq, a network that had been struggling with pervasive financial problems since its inception in 1986. Under Lagardère's control, the network's financial woes, rather than abating, only deepened. This ill-fated acquisition ultimately led to La Cinq ceasing operations entirely on April 12, 1992, leaving behind a void that would later be filled by France 5 in late 1994 [15]. A testament, perhaps, to the fact that even the most astute business minds can stumble when venturing into the unpredictable landscape of broadcast media.

Arnaud Lagardère and the group's refocus on media

In 1994, Hachette Livre made a notable stride into the digital age, launching Axis, heralded as the very first multimedia encyclopedia. This same year saw Matra Hachette Multimedia unveil EPSIS, an innovative, if somewhat niche, image-substitution process designed for advertising, demonstrating an early grasp of digital media's potential. The digital convergence continued in 1998 with the birth of Hachette Multimedia, a new entity forged from the consolidation of Hachette Livre's multimedia division and Grolier Interactive, a company specializing in online educational services. A significant strategic agreement was then inked in 2000 between Lagardère and Deutsche Telekom, aiming to provide internet services, which subsequently led to the merger of T-Online and Club-Internet, further cementing Lagardère’s presence in the nascent internet market.

The mid-1990s also marked an expansion in retail. In 1995, Hachette acquired UCS, Canada's premier newsstand chain [16], a move that propelled it to become the third-largest operator in the international retail press trade. The publishing empire continued its growth in 1996 when Hachette Livre acquired the esteemed Hatier Group. A year later, in 1997, Hachette Livre enjoyed a particularly successful literary season, bagging a string of prestigious literary prizes, including the coveted Prix Goncourt and the Prix de l'Académie française, both awarded for La Bataille (The Battle) by Patrick Rambaud, published under the Grasset imprint. Simultaneously, in an early example of media synergy, Europe 1 and Club-Internet collaboratively launched Europe Info. The turn of the millennium, specifically 2000, saw Hachette Distribution Services create Relay, an international brand specifically tailored for selling media products at various public points of sale, particularly in transport hubs. That same year, Lagardère and Canal+ ventured into the burgeoning realm of digital television, a move that promised future growth. Further diversifying its retail portfolio, Lagardère acquired the Virgin Stores brand and Virgin Megastore in France in 2001. Concurrently, Hachette Filipacchi Médias continued its strategic expansion by acquiring a substantial 42% stake in the Marie Claire Group, demonstrating a clear focus on consolidating its media presence.

From a conglomerate to a media-diversified group

The passing of Jean-Luc Lagardère on March 14, 2003, marked a significant turning point, ushering in a new era as Arnaud Lagardère was appointed General Partner of Lagardère SCA. This transition was swiftly followed by a period of strategic divestment. In the same year, Lagardère shed its interest in the automotive giant Renault, alongside its automotive engineering business, signaling a clear shift away from heavy industry. In 2004, the Group moved to acquire Editis, a major player in the publishing world. However, this acquisition was not without its complications, as it underwent an extensive antitrust review. Ultimately, Lagardère was permitted to retain a 40% stake in the company, which included prominent imprints such as Larousse, Dalloz, Dunod, Nathan, Armand Colin, and Sedes, as well as the Spanish division Grupo Anaya [17]. The remaining portion of Editis was subsequently sold off to Wendel. Capitalizing on the growing popularity of TNT (digital terrestrial television), Lagardère also launched the youth-focused channel Gulli in partnership with France Télévisions, further expanding its media footprint.

In 2006, Arnaud Lagardère initiated the creation of Lagardère Sports, a new subsidiary specifically designed to specialize in sports economics and the lucrative domain of sporting rights. This venture also saw Lagardère securing the new twenty-year franchisee rights for the prestigious Croix-Catelan in the Bois de Boulogne, Paris, and the Rue Eblé sports and recreation sites. A few years later, on May 31, 2010, Lagardère Sports underwent a rebranding, emerging as Lagardère Unlimited, positioned as a comprehensive new branch of the group dedicated to the burgeoning sport industry and broader entertainment [18].

The evolution continued in 2015, with Lagardère Services being officially renamed Lagardère Travel Retail on July 8. Later that year, on September 15, the various agencies within the Lagardère Group announced a significant rebranding effort, unifying under a common corporate identity: Lagardère Sports and Entertainment. This new umbrella brand effectively replaced Lagardère Unlimited as one of the four principal divisions of the Lagardère Group. Furthermore, all sports marketing agencies operating within this division, including Sportfive, World Sport Group, IEC in Sports, Sports Marketing and Management, and Lagardère Unlimited Inc., were consolidated and unified under a single commercial brand, Lagardère Sports. Concurrently, all entertainment businesses were brought together under the distinct brand of Lagardère Live Entertainment [19].

2010 shareholders meeting

Seventeen years after its contentious creation, the SCA (the French limited partnership with shares), a corporate structure often viewed with a degree of skepticism by external observers, was ultimately reaffirmed by a rather convincing, though not entirely unanimous, nearly 80% of shareholders at the Annual Shareholders Meeting held on April 27, 2010 [20]. One might argue that "nearly 80%" isn't exactly a resounding endorsement, but corporate boards rarely aim for perfection.

Agreement between Lagardère SCA and Hearst Corporation

On March 28, 2011, Lagardère SCA executed a significant transaction, signing a contract for the divestment of its extensive international magazine business to the Hearst Corporation. This substantial portfolio encompassed a staggering 102 magazine titles and commanded a sale price of €651 million [21]. The deal was not merely a straightforward sale; it also included a Master License Agreement (MLA) pertaining to the highly valuable ELLE trademark across the 15 countries directly affected by the transfer. In exchange for this licensing arrangement, the Lagardère Group secured an annual recurring royalty payment, ensuring a continued, albeit indirect, revenue stream from the brand. Crucially, Lagardère meticulously retained complete and unencumbered ownership of its domestic magazine business operations within France, as well as the exclusive rights to its ELLE trademark on a global scale. The finalization of this intricate transaction was, as is customary, contingent upon obtaining approvals from local partners in specific countries, in addition to securing various governmental approvals and essential antitrust clearances in relevant jurisdictions.

Sale of endurance sports division to WTC

In January 2016, Lagardère made a strategic decision to divest its endurance sports division, selling it to the World Triathlon Corporation. This sale encompassed a rather extensive and specific collection of athletic events. It included the prestigious ITU World Triathlon Series races held in various global locations such as Hamburg, Abu Dhabi, Kapstadt, Leeds, and Stockholm. Beyond triathlons, the transaction also involved a range of other running events, including the well-known Hamburg-Marathon, the Hawkes Bay International Marathon, the Marathon de Bordeaux, the Queenstown Marathon, and the somewhat more unusual "The Music Runs." Furthermore, a portfolio of cycling events was part of the deal, featuring the Cyclassics Hamburg, Velothon Berlin, Velothon Wales, Velothon Copenhagen, Velothon Stockholm, and Velothon Stuttgart [22]. It seems Lagardère decided that sponsoring people running and cycling until they collapsed was no longer a core competency.

Sale of most of the media assets and sports agency

Beginning in the first half of 2018, Lagardère Active embarked on a comprehensive, and rather aggressive, plan to divest itself of most of its media assets. This strategic shedding of assets notably excluded a handful of key properties: Paris Match, Le Journal du Dimanche, Europe 1, Europe 2, RFM, and the highly valuable Elle brand licence, which were deemed essential to retain. The Group had already made significant progress in this endeavor, having divested a substantial number of assets, including its international radio operations, various primary digital assets (such as its e-Health ventures), and its stake in the Marie Claire Group. By 2019, Lagardère had largely finalized the sale of the majority of its magazine publishing titles within France [23] [24], along with its television businesses [25], its stake in Mezzo [26], and, notably, Disney Hachette Presse [citation needed], further streamlining its media portfolio.

The divestment continued into 2020 when the Lagardère group finalized the sale of a 75% stake in Lagardère Sports (with the exception of Lagardère Live Entertainment) to the Hamburg-based private equity firm H.I.G. Capital on April 22, for a reported €110 million [27].

In May 2020, the Group found itself embroiled in a rather public corporate skirmish, resisting a demand for the replacement of a majority of its board members. This challenge was mounted by Amber Capital, which had recently emerged as Lagardère's new largest shareholder [28]. The corporate drama intensified in August when peer French media conglomerate Vivendi strategically increased its stake in the Group to 23.5%, thereby becoming the largest shareholder, surpassing even Amber Capital (which had, in turn, raised its own stake by 2% to 20%). In a move that surprised some observers, Vivendi then forged a pact with Amber Capital, whereby the two entities jointly requested four seats on the board, with three designated for Amber and one for Vivendi [29]. It seems corporate chess is never truly simple.

Later in November 2020, Lagardère Studios, the entertainment television division that once belonged to Lagardère Active, was sold to the French-based media production and distribution company Mediawan [30]. The complete divestment of Lagardère Sports was achieved in July 2021, with the sale of the remaining 25% stake to H.I.G. Capital, bringing that particular chapter to a close [31].

Recent acquisitions

Despite the ongoing divestments and corporate restructuring, Lagardère has also been quite active on the acquisition front, strategically bolstering its core businesses. Lagardère Publishing has notably expanded its reach through a series of purchases, including Perseus Books in 2016 [32], followed by Bookouture in 2017 [33], La Plage in 2018 [34], and Worthy Publishing Group, also in 2018 [35]. The expansion into the leisure sector continued with Gigamic in 2019 [36], Blackrock Games, also in 2019 [37], Short Books in 2019 [38], Laurence King Publishing in 2020 [39], Workman Publishing in 2021 [40], Welbeck Publishing in 2022 [41], and Sterling Publishing [42]. It appears even the most tired companies still have an appetite for growth.

Lagardère Travel Retail, not to be outdone, has also been on an aggressive acquisition spree, solidifying its position in the travel retail market. This division completed the acquisitions of Paradies in 2015 [43], Hojeij Branded Foods (HBF) in 2018 [44], International Duty Free in 2019 [45], Creative Table Holdings Ltd in 2022 [46], Marché International AG, also in 2022 [47], and most recently, Tastes on the Fly in 2023 [48], demonstrating a relentless pursuit of market dominance in airport and station retail.

Self-censorship

In a rather uncomfortable revelation brought to light in 2022 by the Financial Times, it was reported that Octopus Books, a subsidiary operating under the Lagardère Group, had engaged in the practice of self-censorship. Specifically, the company had removed references in its books to issues deemed "sensitive" by the government of China, a list that, predictably, included information concerning Taiwan. One particularly egregious instance involved the complete excision of an entire section dedicated to Taiwan from a published book. This act of censorship was reportedly implemented to facilitate Octopus Books' continued access to low-cost Chinese book printers [49]. A stark reminder that certain "partnerships" can come with rather inconvenient ethical compromises.

Management

Until June 30, 2021, the management structure of Lagardère reflected its status as a société en commandite par actions (a partnership limited by shares), a rather intricate legal framework. Under this structure, the firm was ostensibly led by its general and managing partner, Arnaud Lagardère [50] [51]. He presided over an executive committee which, in itself, comprised two co-managing partners (Pierre Leroy and Thierry Funck-Brentano), a spokesperson who also served as chief of external relations (Ramzi Khiroun), and the chief financial officer (Sophie Stabile). A rather robust collection of titles, one might observe.

However, in a move that streamlined, or perhaps simply modernized, its corporate governance, the company transitioned into a more conventional joint-stock company with a board of directors on June 30, 2021. Following this conversion, Arnaud Lagardère was appointed to the dual role of chairman and chief executive officer [52].

The company's operations are now overseen by a board of directors, a body that has been chaired by Arnaud Lagardère since July 2021. Its other distinguished members include Valérie Bernis, Yannick Bolloré, Fatima Fikree, Marie Flavion (who serves as a director representing employees), Pascal Jouen (another director representing employees), Valérie Hortefeux, Véronique Morali, Arnaud de Puyfontaine, Michèle Reiser, and, notably, former French President Nicolas Sarkozy [53]. A rather interesting collection of individuals to guide the company's destiny.

Business lines

Lagardère Publishing

Lagardère Publishing stands as one of the world's largest and most influential trade book publishers, catering to both the general public and the specialized educational markets. It operates predominantly under the widely recognized Hachette Livre imprint [54], a name synonymous with publishing excellence. This division functions as a sprawling federation of numerous publishing houses, each specializing in a particular niche: from educational materials and general literature to beautifully illustrated books, part works, comprehensive dictionaries, and engaging youth works. Beyond the creation of content, it also manages extensive book distribution networks.

Geographically, Lagardère Publishing primarily conducts its operations in three major linguistic markets: English, French, and Spanish, reflecting its global reach and diverse target audiences.

In a move that some might find a curious divergence for a traditional publishing house, the division has also strategically invested in leisure activities that, while not directly publishing, are adjacent to the world of books and intellectual engagement. This includes the acquisition of companies specializing in mobile games, such as Neon Play [55] and Brainbow [56] in 2016, tapping into the digital entertainment market. Further expanding this trend, it acquired board game companies like Gigamic [57] and Blackrock Games [58] in 2019, and La Boîte de Jeu [59] in 2022, catering to a more tactile form of entertainment. And, for those who appreciate the finer things in life, the portfolio also includes premium stationery with the acquisition of Paperblanks [60] in 2022. Because, apparently, even a publishing giant needs to diversify into things that aren't, strictly speaking, books.

Lagardère Travel Retail

Aelia Duty Free store at Marseille Provence Airport

Lagardère Travel Retail is a division focused on the bustling and often chaotic world of travel retail, segmenting its operations into three main categories: Travel Essentials, Duty Free & Fashion, and Foodservice. Aelia, a prominent subsidiary of Lagardère, is responsible for managing an impressive network of 270 duty-free shops, strategically located across various countries including France, the United Kingdom, Poland, Ireland, Spain, and New Zealand [5]. In 2013, Aelia alone reported sales exceeding €1,100 million [5], demonstrating the significant revenue generated from travelers’ impulse purchases.

Towards the end of 2013, Lagardère further expanded its travel retail empire by acquiring the Dutch company Gerzon. This acquisition encompassed Gerzon Schiphol, Gerzon Duty Free, and Gerzon Import. Gerzon, a well-established player, held a long-term concession for Fashion, Leather & Travel, operating a variety of stores at Amsterdam Schiphol Airport, including high-end brands like Hermes, Burberry, Victoria's Secret, and Ralph Lauren, alongside nine multi-brand outlets in the Fashion and Leather & Travel segments. Effective December 1, 2015, Gerzon was seamlessly integrated and rebranded as Lagardère Travel Retail the Netherlands.

In 2015, Lagardère Travel Retail made a significant strategic move into the North American market with the acquisition of The Paradies Shops. The agreement for this substantial purchase was signed in August [61], with the acquisition being fully completed in October [62]. The combined forces of Paradies and Lagardère Travel Retail in North America subsequently merged to form the new entity known as Paradies Lagardère, solidifying its presence across the continent.

The expansion into the lucrative food service sector of travel retail continued in 2018, when the division acquired Hojeij Branded Foods (HBF), a recognized leader in the North American travel retail market for food and beverage offerings [63].

In 2019, Lagardère Travel Retail further consolidated its European footprint by completing the acquisition of International Duty Free (IDF), the undisputed market leader in travel retail within Belgium. IDF also held significant operations in Luxembourg and Kenya, extending Lagardère’s reach into new territories [64].

November 2022 saw another notable acquisition, as Lagardère Travel Retail announced its agreement to acquire Marché International AG, a multi-brand international catering company headquartered in Pfäffikon, Zürich. This acquisition, which included the holding company of Marché Group, significantly bolstered Lagardère’s foodservice business across its global operations [65].

Most recently, in November 2023, Lagardère Travel Retail completed its acquisition of Tastes on the Fly, a prominent North American Foodservice operator [66], further cementing its dominance in providing culinary experiences to travelers across the continent.

Other activities

Beyond the primary publishing and travel retail divisions, Lagardère maintains a varied portfolio of "other activities," demonstrating a corporate appetite for diverse ventures:

  • Lagardère News: This segment encompasses established media brands such as Le Journal du Dimanche, its digital extensions Le JDNews and Le JDMag, and, crucially, the licensing rights for the globally recognized Elle brand.
  • Lagardère Radio: This division manages a trio of popular French radio stations: Europe 1, Europe 2, and RFM, maintaining a significant presence in the French broadcast landscape.
  • Lagardère Live Entertainment: This entity is responsible for the operation and management of various prominent venues, including the historic Folies Bergère, the elegant Casino de Paris, and the modern Arkéa Arena. Beyond venue management, it also delves into the production of concerts and live shows, offering hosting and local promotional services for both French and international productions.
  • Lagardère Paris Racing: And, for reasons that might only make sense to a sprawling conglomerate, the group also owns and operates a sports club under this name. A truly eclectic mix, if nothing else.

Financial data

One must, unfortunately, delve into the numbers to truly appreciate the scale of this enterprise. The following figures, presented in millions of euros, offer a glimpse into the financial trajectory of Lagardère.

Key Figures

(in millions of euros) [67]

Year 2017** 2018*** 2019 2020 2021 2022 2023 2024
Net sales 7,084 6,868 7,211 4,439 5,130 6,929 8,081 8,942
Recurring operating profit 399 385 378 (155) 249 438 520 593
Finance costs, net (73) (57) (53) (76) (64) (74) (97) (138)
Income tax expense 2 (124) (55) 31 (22) (33) (78) (127)
Profit (loss) attributable to owners of the parent 176 177 (15) (660) (101) 161 144 168
Adjusted profit attributable to owners of the parent* 214 200 200 (330) 62 265 252 253

(*Excluding non-recurring/non-operating items ) / (**Restated for IFRS 15) / (***Restated for IFRS 16).

Distribution of Net Sales by Geographic Area [68]

Year 2024
France 22 %
Europe (excl. France) 40 %
United States and Canada 27 %
Asia-Pacific 6 %
Latin America, Middle East and Africa 5 %

The shares of Lagardère are, rather predictably, listed on Euronext Paris, where they navigate the daily whims of the market.

See also

References

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External links

  • Official website

  • Lagardère Publishing/Hachette Livre

  • Lagardère Travel Retail

  • Jean-Luc Lagardère Foundation

  • v

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  • e

Louis Hachette Group Lagardère (66.53%)

Lagardère Publishing / Hachette Livre

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Hachette Filipacchi

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1 Louis Hachette Group (via Lagardère SA) owns these brands in the United Kingdom only. These brands are owned by Scholastic Corporation in the United States.