JD Sports completes Finish Line acquisition
The move takes the UK retail giant to a new level, competing in the largest sportswear market in the world. As a result of the acquisition, Finish Line has become an indirect wholly-owned subsidiary of JD Sports.
“We are delighted to announce that we have today completed the acquisition of Finish Line,” said Peter Cowgill, executive chairman of JD Sports in a statement on Monday.
“This marks a momentous step in JD Sports’ global expansion and represents an exciting opportunity to bring our market leading, multi-brand retail proposition to the world’s largest athleisure market, both online and in stores.”
With Finish Line, JD Sports gains 556 retail stores across 44 US states and Puerto Rico, and 375 branded and 188 unbranded footwear concessions within Macy's stores.
The popular British chain wants to “bring best in class retail theatre and multi-channel consumer experience to the US”, and capitalise on its trendy trainers and sports clothes retail formula that helped it overtake Sports Direct as Britain’s leading sportswear retailer by market value.
The Finish Line acquisition is part of a wider expansion plan to transform the business into a global player. It follows a deal with Sport Zone to ramp up its presence across Portugal, Spain and Canary Islands significantly and a new joint venture agreement with a South Korean footwear retailer.
Sam Sato, chief executive officer of Finish Line said, “Today, with the closing of this merger with JD Sports, Finish Line opens an exciting new chapter. With a global footprint, together we will bring leading-edge innovation and service to our customers.
“Our shared vision and drive to provide a premium retail experience will further our impact as a leading, premium multi-channel retailer of sports, fashion and outdoor brands.”
JD Sports paid $558 million (£394 million) in cash for the premium multi-branded US chain.
Copyright © 2022 FashionNetwork.com All rights reserved.