JD Sports to accelerate European expansion as it takes full ownership of MIG
JD Sports is to accelerate its expansion in Central and Eastern Europe after becoming the sole owner of Polish based Marketing Investment Group.
The retailer has entered into a conditional agreement to acquire the outstanding 40% minority stake in the company from its minority shareholders.
JD originally took a 60% stake in MIG in April 2021, and since then has established the JD fascia in five countries across Central and Eastern Europe with 18 JD stores.
MIG also trades through Sizeer and other complementary fascias. In the year to 31 January 2023, the company generated revenues of approximately £270 million.
Régis Schultz, chief executive of JD, said: “Acquiring the remaining 40% stake in MIG allows us to accelerate the development of JD in Central and Eastern Europe, the strong foundations for which have been established alongside the outgoing shareholders.
“Increasing JD’s presence in the region through new store openings and further investment in our omnichannel capabilities is a key part of the strategic growth plan set out at our Capital Markets Day presentation. The complementary Sizeer brand provides a strong platform for the MIG business and the JD brand has evidenced strong initial traction with the consumer, which we will continue to build upon.”
Completion of the acquisition will be subject to customary competition approval by the European Commission.
