JD Sports Fashion Plc has announced that it has exercised its rights under a call option and entered into a conditional agreement to acquire the outstanding 40 percent minority stake of Marketing Investment Group S.A. (MIG) from its minority shareholders. The JD Group will now become the 100 percent sole owner of MIG.
JD originally acquired a 60 percent stake in Poland-based MIG in April 2021, and since then has established the JD fascia in five countries across Central and Eastern Europe operating 18 JD stores.
MIG also continues to trade profitably through Sizeer and other complementary fascias, selling a wide range of sports footwear, apparel and equipment from leading global brands. In the year ended Jan. 31, 2023, MIG generated revenues of approximately £270 million.
Completion of the acquisition is subject to customary competition approval by the European Commission and anticipated no later than Q4 2023.
Régis Schultz, CEO of JD, said: “Acquiring the remaining 40 percent stake in MIG allows us to accelerate the development of JD in Central and Eastern Europe, the strong foundations for which have been established alongside the outgoing shareholders.
“Increasing JD’s presence in the region through new store openings and further investment in our omnichannel capabilities is a key part of the strategic growth plan […] The complementary Sizeer brand provides a strong platform for the MIG business and the JD brand has evidenced strong initial traction with the consumer, which we will continue to build upon.”
In July of this year, JD Sports Fashion has announced its intention to acquire the remaining 49.98 percent stake in Iberian Sports Retail Group (ISRG) and in May the group announced a proposed acquisition of the French-based athletic footwear chain, Courir, entering into exclusive negotiations with the owners of Groupe Courir S.A.S with regards to the acquisition of 100 percent of the issued share capital of Courir for an enterprise value of €520 million.
