European lifestyle retailer Snipes is expanding its presence in the U.S. by acquiring U.S. sneaker chain Jimmy Jazz.
The agreement was signed Wednesday, with the purchase expected to be completed by the end of the year. The acquisition will approximately triple Snipes door count in the United States as the retailer’s store network will grow from just over 100 stores to almost 270, making it the largest acquisition in its history.
Snipes, founded in 1998, is a global sneaker and streetwear retailer with more than 450 stores in Europe and the United States combined. The multichannel company said it differentiates itself through deep roots in hip hop culture and a community-centric alignment based on supporting, empowering and celebrating street culture.
Headquartered in Secaucus, NJ, Jimmy Jazz operates nearly 170 stores in the U.S. across the East Coast, Southeast, and Midwest. The acquisition will allow Snipes to enter new areas.
“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, founder & CEO, Snipes.
“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,” said Jimmy Khezrie, owner, Jimmy Jazz.
The expansion will grow Snipes total global store network from approximately 450 stores to more than 600 stores. The parties have agreed not to disclose the terms of the deal.
Photo courtesy Jimmy Jazz