JD Sports to acquire US retailer Hibbett
JD Sports is to acquire the US sports fashion retailer Hibbett for $1.08 billion.
With headquarters in Birmingham, Alabama, Hibbett has 1,169 stores in 36 states across the US with its main retail fascias being Hibbett and City Gear.
JD Sports said the move will accelerate its growth plans in North America, strengthen its Complementary Concepts division and brand partner relationships, and increase the size of its platform to support the continued rollout of JD in the US.
The enlarged group would have revenues of $4.7 billion in North America, with the region’s share of group sales rising from 32% to 40%.
Régis Schultz, chief executive of JD Sports Fashion, said: “We are delighted to announce the proposed acquisition of Hibbett. This acquisition is in line with our strategic priorities and is a very important transaction for our strategic and financial development.
“Strategically, it enhances our presence within North America and achieves our objective of strengthening our Complementary Concepts division.
“Hibbett’s footprint is highly complementary, adding a stronger presence in communities across the southeastern US, where we currently have a limited presence. It will also provide a stronger platform for the rollout of the JD fascia in the US.”
Hibbett is led by president and chief executive, Michael Longo, and executive vice president of merchandising, Jared Briskin, both of whom will remain with the business.
The deal is expected to complete in the second half of 2024.
