Main CHANGES IN the scope of consolidation


The main changes in the scope of consolidation in 2021 were as

Lagardère Publishing

  • Acquisition by Hachette Jeux Inc. of Scorpion Masqué, a Quebec-based publisher of board games specialising in ambient games, which was consolidated by the Group as of January 2021.
  • Sale of J'ai Lu Editions to the Madrigall group in April 2021, accounted for under the equity method until the date of sale.
  • Acquisition by Hachette Livre in June 2021 of Hiboutatillus, an independent French board game publisher specialised in party games, such as "Blanc-manger Coco", which has sold more than 1.7 million copies since its launch.
  • Acquisition by Dunod in June 2021 of Maxima, a publisher specialised in business, management and law books.
  • Acquisition by Hodder Education (Lagardère Publishing) in June 2021 of Illuminate Publishing, a UK publisher of educational books.
  • Acquisition in September 2021 of Workman Publishing, a US publisher of children's titles and lifestyle books in many different areas.

Lagardère Travel Retail

  •, JIC and CICC took a minority stake in Lagardère Travel Retail Asia as part of a strategic partnership in the region. Since this investment did not result in a loss of control, Lagardère Travel Retail Asia is still fully consolidated based on a 76.45% interest.

    The transaction was carried out through cash contributions in September and December 2021 for a total of CNY 770 million (approximately €103 million).

    This minority stake is part of a strategic partnership that will speed up Lagardère Travel Retail's development in Asia, particularly through digital distribution channels. Lagardère Travel Retail Asia will in particular draw on the digital expertise of to develop best practices in supply chains and data analysis, and provide brand-new experiences and services to customers across its entire sales network, with the expansion of omni-channel shopping offerings.

    The agreements signed with the minority partners include liquidity clauses in the event of an exit from the capital.