|
JD Sports Fashion PLC - Bury, Manchester-based sportswear retailer - Completes the acquisition of Paris-based Groupe Courir SAS, a retailer of sneakers and other sporting goods. JD Sports announced the €520 million purchase back in May 2023, but it was only able to complete it following European Commission clearance late last month. To obtain the competition approval, JD Sports agreed to sell 15 of Courir’s stores in France and all 6 of its stores in Portugal. These will be bought by Snipes SE, a retailer based in Cologne, Germany. This will be done in the first quarter of JD Sports’ financial year 2026, which begins this coming February. Courir reported profit before interest and tax of €50.3 million on €725.8 million in revenue in 2023. It currently has 323 stores across France, Spain, Belgium, the Netherlands, Portugal and Luxembourg. It also has 36 franchise stores in Africa, the Middle East, and French overseas territories. A further 3 stores trade as ’Naked’, ‘an elevated concept for women’s sneakers’. These will join the 4,541 stores that JD Sports currently operates. ‘This acquisition will broaden the JD Group’s customer reach adding a more female, fashion-conscious and older customer base to complement the group’s core customers,’ JD Sports Chief Executive Officer Regis Schultz says. Current stock price: 101.20 pence 12-month change: down 32% Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
