Rumors persist that Foot Locker could be gearing up to make a bid for Genesco, a Tennessee-based retail group that owns the Journeys and Hat World chains, among others. Industry estimates put the hypothetical purchase price at more than $1.01 billion, and one reported estimate said the price could reach as high as $1.17 billion. There is also the possibility that Foot Locker could otherwise buy just a portion of Genesco’s business for a fraction of what it would cost to buy its whole business.

At least two of Genesco’s retail chains would complement well Foot Locker’s own athletic-related networks. The Journeys footwear chain would be a perfect match in Foot Locker’s scheme to enter the brown shoe realm in the USA and could synergize with its new Footquarters retail concept, which was announced last November. Foot Locker had reportedly made a bid of $700 million last June for another American footwear retail chain, Famous Footwear, but its parent company, Brown Shoe Company, turned down the offer.

Another group of retail chains owned by Genesco that specialize in headwear, including Hat World, Head Quarters and Cap Connection, would aid Foot Locker’s ambition of capping off its consumers’ apparel and footwear purchases with an accessory. The retail group has already expressed its desire to start a Just Hats retail operation as part of its Champs Sport chain. But there have also been reports that Foot Locker wants to extend its reach into the women’s footwear business. An acquisition of Genesco would cover this as well, as the group’s fairly new Shi by Journeys retail concept has shown a lot of potential in the USA.