UK's JD Sports to buy 80% stake in Spanish online retailer Deporvillage
Reuters
Published Jun 28, 2021 08:01
Updated Jun 28, 2021 23:36
(Reuters) -JD Sports Fashion said on Monday its Spanish unit would buy an 80% stake in online sports equipment retailer Deporvillage SL for 140.4 million euros ($168 million), as Britain's biggest sportswear chain expands its online presence.
JD said Iberian Sports Retail Group SL - its 50.02% intermediate holding company in Spain - would buy the Manresa, Catalonia-based online retailer, focussing on specialist sports equipment mainly for cycling, running and outdoors.
"Deporvillage has a strong consumer-centric approach and is the market leader in its categories in Spain with significant potential for further international development," said Peter Cowgill, executive chairman of JD Sports.
Post the deal completion, Deporvillage's current management will retain a 20% holding in the business, with founders Xavier Pladellorens and Ángel Corcuera continuing in their roles as chief executive officer and chief purchasing officer, respectively.
In March, JD entered markets in central and eastern Europe by agreeing to buy 60% of Poland's Marketing Investment Group (MIG).
The British retailer, which has been growing its presence abroad since entering a Malaysian joint venture in 2015, bought Finish Line in the United States in 2018, West Coast-focused Shoe Palace in December and DTLR Villa in February.
($1 = 0.8384 euros)
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Written By: Reuters
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