1. News
October 25, 2021

JD purchases controlling stake in Greek retailer Cosmos

The Greek sporting goods retailer operates 57 stores in Greece and three in Cyprus.

UK-based sportswear retailer JD Sports Fashion has expanded its presence in Europe with the acquisition of an 80% stake in Greek retailer Cosmos Sport.

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Based in Crete, the Greek retailer, which offers premium footwear, has 32 stores under Cosmos and 19 under Sneaker 10.

It has 57 stores in Greece and three in Cyprus that operate under different retail banners and related trading websites.

The business generated approximately $60.6m (€52m) in revenue for the year that ended 31 December 2020.

JD announced the deal on 21 October 2021, but the financial terms for the transaction are not disclosed.

JD Sports executive chairman Peter Cowgill 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.”

Cosmos was founded in 1982 by Fragiskos Tsiknakis, whose three sons are now maintaining day to day operational responsibilities of the business.

Tsiknakis Family owned 70% of the business, while EOS Capital Partners AIFM (EOS) holds a 30% stake after investing in the business in 2019.

The transaction sees EOS disposing entire holding in the company.

In a statement, JD said that ‘put and call options have been agreed, to enable future exit opportunities for the Tsiknakis Family with whom we will work in partnership’.

JD operates more than 3,300 JD Sports stores worldwide.

In June this year, the retailer signed conditional agreement to acquire an 80% holding in online sporting goods retailer Deporvillage for a total cash consideration of €140.4m ($167m).

In December last year, JD Sports’ Genesis Holdings acquired Shoe Palace in the US for a total cash consideration of $325m.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.