Foot Locker completes acquisition of Atmos
Foot Locker has completed its acquisition of Japanese streetwear brand Atmos in a $360 million deal.
Atmos sells premium sneakers and apparel under an exclusive in-house label and has 49 stores around the world, including 39 in Japan.
Footlocker announced in the summer that it would be purchasing the brand as it looked to widen its global reach by establishing a foothold in Japan
Following completion of the acquisition, Richard Johnson, chairman and chief executive of Foot Locker, said: “We are delighted to officially welcome Atmos’s iconic founder, Hidefumi Hommyo, and the entire Atmos team to the Foot Locker family.
“We deeply value Atmos’s unique brand, innovative, experiential stores, premium offerings, collaborations and understanding of sneakerhead culture. Atmos expands our global reach in the rapidly growing Asia-Pacific market, establishes a critical entry point in Japan and allows us to benefit from immediate scale.”
As previously announced, Foot Locker expects Atmos to generate low double-digit sales growth annually and low double-digits to mid-teens EBITDA margins over the next five years.
