JD Sports completes acquisition of French retailer Courir
JD Sports Fashion has completed its acquisition of French sneaker retailer Courir in a €520 million (£433 million) deal.
The sportswear giant said the move "reinforces our position within Europe" as Courir has 323 stores across France, Spain, Belgium, Portugal, Luxembourg, and the Netherlands.
It also operates 36 franchise stores in North West Africa, Middle East and French overseas territories, as well as three stores that trade as Naked, a premium concept for women’s sneakers.
Described as a "market leader" in sneakers in France, Courir reported revenue of £605.8 million (€725.8 million) and profit of £49.9 million (€50.3 million) for the year to 31 December 2023.
Régis Schultz, Chief Executive Officer of JD Sports Fashion, said: "We are excited to complete the acquisition of Courir, an iconic business that was founded in 1980 – just one year before JD Sports opened our doors to customers.
"Courir has successfully positioned itself as the top destination for sneakers for decades with a female target consumer. JD shares the same values as the Courir team and their passion for bringing customers the very best offer both online and in stores through the strength of its brand partnerships. We look forward to developing the brand in Europe, taking it from strength-to-strength.
"This acquisition brings a French market leader in sneakers into the JD Group, boosting our position as a global sports fashion powerhouse, as we continue to expand globally.
"France is the largest sneaker market in Europe and Courir enables us to expand our customer reach by adding a more female, fashion-conscious and older customer base to complement the Group’s core and loyal customers globally.
"Courir will strengthen the growth of the JD brand in France, where we operate over 140 JD stores, as well as four Size and one Foot Patrol fascia. We have invested over €45 million in our French store portfolio and hired more than 1,900 new colleagues this financial year. We have successfully opened our flagship on the Champs-Élysées in April. The addition of the Courir stores in France marks the latest chapter in our growth journey and investing in France to build a business of which we could not be prouder.
"I look forward to welcoming our new team members and working with Courir’s experienced management team to fulfil the global potential of the business."