By adding international retailers, JD Sports says it becomes more attractive to brands. Screenshot: Cosmossport.gr
JD Sports has continued its expansion strategy with acquisition of multichannel retailer Cosmos Sport.
The retailer has bought 80% of the retailer, which is based in Crete and sells via 57 shops in Greece and three in Cyprus. Thirty two of those stores trade as Cosmos Sport, and 19 has Sneaker 10. Both brands have their own websites.
Cosmos Sport was founded in 1982 by Fragiskos Tsiknakis, whose three sons now have day to day operational responsibility for the business, which turned over about €52m in the year to December 2020.
The sale is a further examples of JD Sports’ plan of expanding its presence around the world in a way that is more attractive to the sports brands that it works with.
Peter Cowgill, executive chairman of JD Sports Fashion, says: ”This is another exciting acquisition for JD that further expands our presence in Europe. We welcome the highly experienced and knowledgeable Tsiknakis Family to the group and we look forward to working with them on the development opportunities in the region.”
When it published its latest full-year results, in April, JD Sports said that international expansion - last year through five acquisitions in North America and beyond – helped it to build brand relationships. It said that brands had a high regard for the business and a shared vision of an “elevated marketplace” built on long-term brand collaborations.
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via https://AiUpNow.com October 22, 2021 at 06:57AM by Chloe Rigby, Khareem Sudlow,
