France-based ls Travel retail (LSTR) has inked a strategic partnership with Indian food and beverages (F&B) services provider Travel Food Services (TFS), to expand duty-free and travel-retail in India.
The companies have formed a joint venture (JV) to bid for the major duty free tenders at the Indian airports of Mumbai, Kolkata, Chennai and Bangalore, reported DFNIonlie.com.
TFS will also develop the Lagardère Relay news and convenience franchise at India’s airports, metro and railway stations with LSTR providing operational management and category expertise support.
As per the JV agreement, TFS will unveil three Relay branded stores at Terminal 1D of the Indira Gandhi International Airport in New Delhi.
The outlets will comprise of a 105m² airside store, a 32m² outlet in the arrivals area and a 20m² check-in store, all offering books, newspapers, souvenirs, convenience and impulse products.
The French company believes that India is an exciting region within the scope of Asia/Pacific area, where duty-free categories are clearly the engine of growth in travel-retail.
LSTR chairman and CEO Dag Rasmussen told the website that the company intends to be a major player in three key continents, with a focus on the Asia/Pacific region.
"India, one of the fast-growing economies in Asia, is a burgeoning market with limitless possibilities."
"Our partnership with TFS, a leader in travel-focused food and beverage operations in India, with strong expertise of the travel-retail sector in India and knowledge of the customers in this country, coupled with LS Travel Retail’s global expertise in duty-free, news and convenience, and local operational excellence, [we believe] will be a powerhouse of success for the region," Rasmussen added.