JD Sports Fashion Plc has completed its acquisition of Groupe Courir S.A.S. following receipt of conditional clearance from the European Commission on October 22, 2024, and the satisfaction of all other outstanding conditions.

“The completion of our acquisition of Courir is an exciting milestone for our Complementary Concepts strategy in Europe, and we look forward to working with its experienced management team as we deliver on our growth plans. This acquisition will broaden the JD Group’s customer reach, adding a more female, fashion-conscious and older customer base to complement the Group’s core customers,” said Régis Schultz, CEO of JD Sports Fashion Plc.

“Courir is a market leader in sneakers in France, which is the largest sneaker market in Europe, and this acquisition reinforces our position within Europe,” the company said, citing data from Circana.

“It has 323 stores currently bannered as Courir across France, Spain, Belgium, the Netherlands, Portugal and Luxembourg. In addition, there are a further 36 stores which trade under franchise agreements as Courir in North West Africa, Middle East and French overseas territories. Further, there are three stores which trade as Naked, an elevated concept for women’s sneakers.”

In accordance with the European Commission’s conditional clearance decision, 15 of Courir’s stores in France and all of Courir’s six stores in Portugal will be divested to Snipes during the company’s fiscal 2026 first quarter. In accordance with Commitments given to the European Commission, these stores will continue to be operated under the Courir banner until divested to Snipes.

The acquisition price is €520 million was reportedly paid through a combination of existing cash and a drawdown on JD’s revolving credit facility. In the full-year period ended December 31, 2023, Courir reported revenue of €725.8 million and profit before interest and tax of €50.3 million.

The company concluded in a media release, “We welcome Courir management into the Group, and we look forward to working with Pierre Chambaudrie and his team to develop Courir further in Europe.”

Image courtesy Groupe Courir S.A.S. / On Holding AG