Further to the announcement on 9 May 2023, JD Sports Fashion Plc (LON:JD) has announced 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 JD Sports Fashion and we look forward to working with Pierre Chambaudrie and his team to develop Courir further in Europe.
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