The acquisition means JD Sports is the 100% sole owner of Poland’s MIG retailer, which sells a range of sports fashion, footwear and apparel from leading global brands, following the initial 60% stake it made in the business in March 2021.
JD Sports has continued to successfully grow its presence across Central and Eastern Europe. Its most recent buy was Spanish sports retail company Iberian Sports Retail (ISRG) last month (July) in a €500m ($543m) deal. Prior to that it set its sights on a proposed €520m ($572m) acquisition of French sports brand Courir.
In fact, its European expansion strategy has seen the opening of 18 JD stores in five countries within the region.
In response to the company’s latest acquisition , Régis Schultz, CEO of JD Sports Fashion Plc states: “Acquiring the remaining 40% 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 set out at our capital markets day presentation. 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.”
He adds: “We look forward to closing the transaction and continuing an exciting journey with the local management team.”
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By GlobalData
The announcement notes that MIG, through its various “complementary fascias” including Sizeer, has demonstrated profitability by offering an extensive range of sports footwear, apparel, and equipment from leading global brands. The year ending on 31 January 2023, saw MIG generating revenues of approximately £270m ($344m).
