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JD Sports Fashion Plc
JD Sports Fashion - COMPLETION OF THE ACQUISITION OF COURIR
27th November 2024, 07:00
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RNS Number : 7192N
JD Sports Fashion PLC
27 November 2024
 

27 November 2024

JD SPORTS FASHION PLC

COMPLETION OF THE ACQUISITION OF COURIR

 

Further to the announcement on 9 May 2023, JD Sports Fashion Plc ('JD' or the 'Group') announces the completion of its acquisition of Groupe Courir S.A.S ("Courir") today, following receipt of conditional clearance from the European Commission on 22 October 2024 and the satisfaction of all other outstanding conditions.

Régis Schultz, CEO of JD Sports Fashion Plc, said: "The completion of our acquisition of Courir is an exciting milestone for our Complementary Concepts strategy in Europe and we look forward to working with its experienced management team as we deliver on our growth plans. 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." 

Courir is a market leader in sneakers in France*, which is the largest sneaker market in Europe*, and this acquisition reinforces our position within Europe. It has 323 stores currently, bannered as Courir across France, Spain, Belgium, the Netherlands, Portugal and Luxembourg. In addition, there are a further 36 stores which trade under franchise agreements as Courir in North West Africa, Middle East and French overseas territories. Further, there are three stores which trade as Naked, an elevated concept for women's sneakers.

In accordance with the European Commission's conditional clearance decision, 15 of Courir's stores in France and all of Courir's six stores in Portugal will be divested to Snipes during Q1 FY26. In accordance with Commitments given to the European Commission, these stores will continue to be operated under the Courir banner until divested to Snipes.

The acquisition price is €520m, paid through a combination of existing cash and a drawdown on our revolving credit facility. In the year to 31 December 2023, Courir reported revenue of €725.8m and profit before interest and tax of €50.3m.

We welcome Courir management into the Group and we look forward to working with Pierre Chambaudrie and his team to develop Courir further in Europe.    

*Circana 2024 © All rights reserved

 

Enquiries:

JD Sports Fashion Plc                                                                                                             Tel: 0161 767 1000

Régis Schultz, Chief Executive Officer

Dominic Platt, Chief Financial Officer

Mark Blythman, Director of Investor Relations

 

Advisors

Bank of America - Antonia Rowan                                                                                              Tel: 0207 628 1000

Peel Hunt LLP - Dan Webster                                                                                                    Tel: 0207 418 8869

FGS Global - Rollo Head, Jenny Davey, James Thompson                                                       Tel: 0207 251 3801

 

About JD Sports Fashion Plc

Founded in 1981, the JD Group ('JD') is a leading global omnichannel retailer of Sports Fashion brands. JD provides customers with the latest sports fashion through working with established and new brands to deliver products that our customers most want, across both footwear and apparel. The vision of JD is to inspire the emerging generation of consumers through a connection to the universal culture of sport, music and fashion. JD focuses on four strategic pillars: JD Brand First, first priority, first in the world; leveraging Complementary Concepts to support JD Group global expansion; moving Beyond Physical Retail by building the right infrastructure and creating a lifestyle ecosystem of relevant products and services; and doing the best for its People, Partners and Communities. JD is a constituent of the FTSE 100 index and had 4,541 stores worldwide at 2 November 2024.

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