JD Sports enters Greek market with new acquisition
JD Sports Fashion has expanded its international presence following its acquisition of Greek retailer, Cosmos Sport SA, today.
The Bury-based international sports and athleisurewear retailer acquired 80% of Cosmos but did no disclose the value of the deal, citing the size of transaction for non-mandatory disclosure.
Cosmos operates 57 stores in Greece and three in Cyprus under a variety of retail banners and associated websites. The business generated revenues of approximately €52 million in the year to 31 December 2020.
The Crete-based business was founded in 1982 by Fragiskos Tsiknakis, who remains active in the business while day to day operational responsibility to his three sons Michail (CEO), Eleftherios (Head of Property and Private Label) and Konstantinos (Head of Commercial and Buying).
Prior to the acquisition, the Tsiknakis Family owned 70% of Cosmos, with EOS Capital Partners AIFM ('EOS'), who invested into the business in 2019, holding a 30% stake. EOS have disposed of their entire holding following the transaction.
Peter Cowgill, Executive Chairman of JD Sports Fashion Plc, said: "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."