European lifestyle retailer SNIPES has signed an agreement to purchase US-based sneaker chain Jimmy Jazz for an undisclosed sum.
Based in New Jersey, Jimmy Jazz currently operates more than 170 stores across the US’ East Coast, Southeast and Midwest regions.
The acquisition is said to be the largest in SNIPES’ history.
It is intended to help the company expand its footprint in the US while allowing it to enter new markets.
SNIPES CEO and founder Sven Voth said: “Despite the pandemic, SNIPES continues to grow. Our ‘community first’ concept will keep our focus on our core customers.
“We are very excited to deepen our commitment to the communities we serve by partnering with Jimmy Jazz.”
SNIPES offers exclusive sneakers and streetwear brands inspired by hip-hop, streetball, dance and action sports.
The retailer operates more than 450 outlets in Europe and the US, as well as an e-commerce service.
The addition of Jimmy Jazz will increase SNIPES’ US store network to 270 outlets, almost three times its current number.
It will also bring the retailer’s worldwide footprint to more than 600 stores.
Jimmy Jazz owner Jimmy Khezrie said: “In SNIPES, we’ve gained a strong, global partner who shares our passion and who will appropriately continue our legacy as well as our investment in our teams and stores.”
The companies expect the transaction to close by the end of this year. Further terms of the deal have not been disclosed.
Last month, New York-based speciality athletic retailer Foot Locker acquired Japanese digitally-led retailer atmos for $360m through certain subsidiaries.
atmos operates a network of 49 stores worldwide, 39 of which are in Japan, under the atmos and atmos pink banners.
The business is expected to generate sales growth in the low double-digits each year.