Snipes acquires retailer Jimmy Jazz
Global sneaker and streetwear retailer Snipes announced on Wednesday the acquisition of American sneaker chain Jimmy Jazz. The terms of the deal were not disclosed.
The acquisition marks Snipes largest to date and will allow the brand to significantly expand its presence in the U.S, as it triples Snipes' door count in the country, growing from just over 100 stores to almost 270.
With stores positioned across the East Coast, Southeast, and Midwest, the acquisition will allow Snipes to enter new areas. Snipes currently operates more than 450 stores across Europe and the U.S., meaning its total store count will now reach to more than 600 stores. It first entered the U.S. market in May 2019 with the acquisition of KicksUSA.
"Despite the pandemic, Snipes continues to grow. Our 'community first' concept will keep our focus on our core customer. We are very excited to deepen our commitment to the communities we serve by partnering with Jimmy Jazz, " said Sven Voth, CEO and founder of Snipes.
Snipes differentiates itself through deep roots in hip hop culture and a community-centric alignment based on supporting, empowering, and celebrating street culture. It opened its first store in 1998 and continues to carry brands such as Nike, adidas, Carhartt, Jordan, New Balance, and Vans.
"In Snipes, we've gained a strong, global partner who shares our passion and who will appropriately continue our legacy as well as our investment in our teams and stores," added Jimmy Khezrie, owner of Jimmy Jazz.
Headquartered in Secaucus, New Jersey, Jimmy Jazz has been offering premium lifestyle brands such as Nike, Jordan, Adidas, Puma, and Polo, for over 30 years. It is credited for helping to build "sneaker culture" on critical streets and in important markets, and has an expansive footprint in both malls and strip centers.
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