UK-based JD Sports Fashion plc (JD) has completed the acquisition of Hibbett, Inc., effective July 25, 2024. Hibbett is now part of JD and will cease to be a stand-alone publicly traded company.
The closing comes following receipt of the approval of Hibbett’s stockholders at a special meeting of stockholders on 19 July 2024 and the satisfaction of all other outstanding conditions.
“The completion of our acquisition of Hibbett is an important strategic milestone for us in North America and we look forward to working with its experienced management team to deliver on our growth plans in the largest sportswear market in the world,” offered Régis Schultz, CEO, JD Sports Fashion Plc. “Strategically, this acquisition enhances our presence within North America and achieves our objective of strengthening our existing community concepts: Shoe Palace on the West Coast and DTLR on the East Coast. Hibbett’s footprint is highly and fully complementary”.
Mike Longo will continue as president and CEO of Hibbett, and Jared Briskin will assume the role of chief operating officer. The company will maintain its corporate headquarters in Birmingham, AL.
“We are excited to complete this transaction and join JD,” commented Longo. “Hibbett and City Gear will continue to have significant growth opportunities thanks to our strong vendor relationships with highly coveted brands, best-in-class omni-channel platform and efficient supply chain operations. In addition, our store footprint is complementary and incremental to the other existing JD locations in North America. Above all, we will continue to provide an outstanding consumer experience in underserved communities by offering a unique and compelling product mix that appeals to our fashion-conscious shoppers.”
JD’s Schultz added, “Hibbett also provides an enhanced platform for the mall-led, nationwide growth of the JD brand in North America with its efficient supply chain and strong back office. The completed deal is expected to be earnings accretive from the first full year following acquisition, with expected cost synergies of at least $25 million over the medium term. Acquiring Hibbett will strengthen our brand relationships further as we continue to deliver a differentiated and world-class omni-channel proposition for customers.”
Image courtesy Hibbett Sports
