JD Sports acquires Greek retailer Cosmos Sport
Acquisition-hungry JD Sports Fashion has snapped up another business with the purchase of an 80% stake in Greek retailer Cosmos Sport SA. No terms were disclosed.
Cosmos operates 57 stores in Greece and three in Cyprus under a variety of retail banners and associated trading websites with the principal one being Cosmos (with 32 stores). This is the core of the business and has an “elevated sporting goods/lifestyle proposition”.
Meanwhile, its Sneaker 10 chain (19 stores) has a more premium footwear offer. In the year ended 31 December 2020, Cosmos generated revenues of around €52 million.
The business was previously 70% owned by the family of Fragiskos Tsiknakis with EOS Capital Partners having a 30% stake after buying-in two years ago. EOS has sold its entire stake as part of the JD deal
The almost-40-year-old Crete-based business was founded by Tsiknakis who continues to be active in the operation, although he has handed over day-to-day operational responsibility to his three sons Michail (CEO), Eleftherios (Head of Property and Private Label) and Konstantinos (Head of Commercial and Buying).
JD’s Executive Chairman Peter Cowgill called it “another exciting acquisition for JD that further expands our presence in Europe”. And he hailed the “highly experienced and knowledgeable Tsiknakis Family”, noting that they’ll stay heavily involved in the firm under JD’s control.
Cowgill also said “we look forward to working with them on the development opportunities in the region”.
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