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Foot Locker to acquire Atmos and WSS

Foot Locker is to acquire Japanese streetwear brand Atmos and US athletic footwear and apparel retailer WSS in separate deals worth approximately $1.1 billion. Atmos sells… View Article

SPORTS AND LEISURE NEWS

Foot Locker to acquire Atmos and WSS

Foot Locker is to acquire Japanese streetwear brand Atmos and US athletic footwear and apparel retailer WSS in separate deals worth approximately $1.1 billion.

Atmos sells premium sneakers and apparel under an exclusive in-house label and has 49 stores around the world, including 39 in Japan. Foot Locker said the acquisition will accelerate its global reach by establishing a foothold in Japan and will also extend its premium and top-tier offering. Atmos generated approximately $175 million of revenue in its 2020 financial year, of which more than 60% came through digital channels.

Richard¬† Johnson, chairman and chief executive of Foot Locker, said: “Atmos is uniquely positioned through its innovative retail stores, high digital penetration, and distinctive products that have made it a key influencer of youth and sneaker culture. With Atmos, we are executing against our expansion initiative in the rapidly growing Asia-Pacific market, establishing a critical entry point in Japan and benefitting from immediate scale.”

Meanwhile,¬† WSS operates a portfolio of ¬†93 off-mall stores across California, Texas, Arizona and Nevada and had revenue of $425 million in its last financial year. Foot Locker said it will seek to benefit from WSS’s differentiated market position, complementary customer base and real estate portfolio.

Johnson added: “WSS has built a successful, high-growth business by pioneering the neighbourhood based store model, built on community engagement and a full-family offering. This acquisition enhances our product mix and provides access to a customer base and store footprint that are both differentiated from and complementary to our current portfolio.”

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