Jewellery retailer L’azurde Company has signed an exclusive operating agreement with Saudi French Duty Free Operations and Management, a division of Lagardère Travel Retail.
The agreement sees L’azurde become the exclusive supplier of gold and jewellery in the international terminals of Saudi Arabia airports – including King Khalid International Airport, King Abdulaziz International Airport and King Fahd International Airport.
David Bisset, CEO, Lagardère Travel Retail in Saudi Arabia, and Selim Chidiac, CEO, L’azurde, signed the agreement at L’azurde’s headquarters in Riyadh.
Under this agreement, L’azurde will become the exclusive supplier of jewellery and gold at the international showrooms in Riyadh, Jeddah and Damam, providing new revenue streams to the company and diversifying its revenues by expanding its retail operations, and targeting a new segment of customers.
“We are proud to be working with Lagardère Travel Retail, a pioneering and leading travel retail player with global reach. With retail sales expected to start by Q3 2017 at Saudi airports, our agreement with Lagardère Travel Retail is anticipated to increase L’azurde’s annual revenues by 10%,” says Chidiac.
“As we continue to expand our travel retail business in the Middle East, we are delighted to partner with L’azurde, their reputation as a leading manufacturer and retailer of gold and jewellery products makes them the perfect fit for our expanding business.” adds Bisset.
The total number of passengers passing through Saudi airports is growing. On April 25, 2016, Saudi Arabia announced Vision 2030, an ambitious economic plan, which seeks to diversify the Kingdom’s sources of income through a number of pillars, including increasing the number of pilgrims and Umrah, strengthening the position of the Kingdom as an ideal tourist destination and leveraging its geographical position in increasing the flow of international trade between Asia, Europe and Africa and maximizing its economic growth.
“The 2030 Vision will enhance the Kingdom’s global economic standing, create business opportunities as the Kingdom leverages its geographic location, as well as diversify Saudi Arabia’s sources of income and support airport traffic. This will further enhance the importance of Saudi airports and provide great opportunities for us,” states Chidiac.