Claret, an almost invisible player in the railway landscape, has just secured a privileged access to the highly sought-after Paris–Lyon corridor. The transport regulatory authority has confirmed that a framework agreement for capacity has been signed between SNCF Réseau and this small company created in 2021. This news has caused a few groans on the tracks: obtaining paths on the most profitable line in France is no small feat. And the agreement, signed in March 2025 but only published in December, proves that Claret is making strategic moves behind the scenes with surgical precision.
A tiny operator... but led by heavyweights
Behind a meager capital (just €166!) stand two big names in the railway industry: Nicolas Petrovic and Olivier Desfontaines. The former managed Eurostar during its expansion phase and oversaw the arrival of the Velaro e320., before going on to establish a national operator in the Emirates. The second, a former banker specializing in financing railway assets at Crédit Agricole CIB, knows the ins and outs of rolling stock by heart. Together, they are building a project about which we know almost nothing. But to obtain a framework agreement, a solid dossier must be provided: service plans, contacts with investors, guarantees from manufacturers… Therefore, Claret is not just a mirage.
The framework agreement awarded to Claret comes in a context where the Paris–Lyon line is becoming a true railway Faraday cage. Between SNCF, Trenitalia, Ilisto (Kevin Speed), and the new entrants, two-thirds of the long-term capacity is already secured. The ART is raising the alarm: by 2031, certain time slots could be fully allocated. SNCF Réseau is therefore adjusting its night windows and accelerating the modernization of the line to increase from 13 to 16 trains per hour. Demand is climbing, and capacity is trying to keep up.
Claret is entering a fiercely competitive and low-profit market
The anticipated arrival of Claret strengthens a market where the competition is tough, the margins are slim, and the investments are massive. Trenitalia continues to lose money despite its acclaimed service. Velvet, led by Rachel Picard, is currently the only player to have secured financing and trains. The others are juggling fundraising, technical complexities, and the looming shadow of SNCF, which is determined to protect its most profitable routes. Yet, Claret, discreet, methodical, and well-managed, seems to be moving forward quietly. And in the railway industry, those who whisper often end up making the most noise.
Source : Railtech.be