JD Sports is leaving South Korea after five years in the market, according to multiple press sources. The decision has reportedly been made in connection with the negative impact of the Covid-19 pandemic.
The British sporting goods retailer operated in South Korea through a partnership with Shoemarker, and opened its first store there in April 2018. It had 14 stores nationwide, including in the country’s capital Seoul.
Meanwhile, the company’s chief executive, Régis Schultz, has recently unveiled plans to open around 1,750 stores worldwide over the next five years, mostly in North America and Europe, in a major £3 billion (€3.36 billion) investment. The announcement has come on the heels of the company’s forecast of full-year pre-tax profits for the period ending Feb. 3, 2024. As reported on Jan. 11, these should exceed £1 billion (€1.12 billion) for the first time.
Schultz, formerly the chief executive of French retailer Monoprix, took the helm at JD Sports last year. The sporting goods retailer currently has more than 3,400 stores and a workforce of 67,000 people globally.
