JD Sports acquires Cosmos Sport
JD Sports has acquired an 80% stake in Greek sporting goods retailer Cosmos Sport.
Based in Crete, Cosmos was founded in 1982 by Fragiskos Tsiknakis who continues to be active in the business, although he has handed over day to day operational responsibility to his three sons.
Prior to the acquisition, Cosmos was 70% owned by the Tsiknakis family with the remaining 30% of the business held by EOS Capital Partners. EOS has disposed of its entire holding in the transaction.
Cosmos has 57 stores in Greece and three in Cyprus with 32 operating under the core Cosmos fascia and the rest under a variety of retail banners. These include 19 stores for the Sneaker 10 fascia which has a more premium footwear offer. In the year to 31 December 2020, Cosmos generated revenues of approximately €52 million.
Peter Cowgill, executive chairman of JD Sports Fashion, said: “This is another exciting acquisition for JD that further expands our presence in Europe. We welcome the highly experienced and knowledgeable Tsiknakis family to the group and we look forward to working with them on the development opportunities in the region.”
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