JD Sports, the British sportswear retailer, has announced yet another acquisition.
2021 seems to be the year of JD Sports! After acquiring sportswear retailer DTLR for US $ 495 million earlier this year, it acquired apparel retailer Oi Polloi in May. Last month it acquired majority stake in Missy Empire.
And now the retailer has said that it is all set for a multi-million pound investment in the British athleisure brand Gym King.
JD Sports has, notably, taken a significant minority stake in Gym King, which is known for its athleisure and trend-driven performance wear.
The investment is being seen as a part of JD Sports’ efforts to further speed up its global expansion plans – especially into the US, Europe and Asia.
Stating that JD Sports and Gym King have worked together closely in recent years, Peter Cowgill, Executive Chairman, JD Sports said “The future for Gym King has a great number of opportunities and we are delighted to be part of that journey.”
Jay Parker, founder of Gym King, said that the partnership with JD Sports will help the former become a world renowned lifestyle performance brand.
Jay added that clear synergies with JD Sports will enable Gym King to build a strong platform for fast growth.
Earlier this month, JD Sports had raised its full-year profit outlook to £550 million.
Founded in 1981, JD Sports has stores across the UK, Europe, the US, Asia, New Zealand and Australia. It generated £6,110.8 million in 2020.