Saudi jewellery firm L’azurde has announced an exclusive operating agreement with a unit of French multinational Lagardère Travel Retail to provide gold and jewellery at the kingdom’s international airports.
The Saudi French Duty Free deal covers King Khalid International Airport in Riyadh, King Abdulaziz International Airport in Jeddah and King Fahd International Airport in Dammam.
L’azurde said retails sales were expected to start in Q3 2018 and were anticipated to increase the company’s annual revenues by 10 per cent.
“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,” said L’Azurde CEO Selim Chidiac.
“This will further enhance the importance of Saudi airports, and provide great opportunities for us.”
The deal comes following a tough operating period for the jeweller, which has been hit by a decline in Saudi retail sales linked to the low oil price and the declining Egyptian pound.
The company’s operating revenues decreased around 23.5 per cent last year to SAR405m ($107.9m) from SAR530m ($141.3m) in 2015.
In the second quarter of 2017, operating revenue declined 23 per cent in to SAR82.2m while net income increased SAR13.5m on the same period last year to SAR6.4m.