U.K.-based JD Sports is set to acquire Birmingham-based sports retailer Hibbett in a deal worth $1.08 billion. This acquisition will create a company with a combined revenue of $5.80 billion, marking a significant move for JD Sports in expanding its presence in the U.S., particularly in the South.
The acquisition of Hibbett aligns with JD Sports’ strategic priorities and aims for growth. According to Régis Schultz, CEO of JD Sports Fashion Plc, the deal will enhance JD Sports’ footprint in North America and strengthen its Complementary Concepts division. The combined network of 1,169 Hibbett stores across 36 states in the U.S., along with JD Sports’ existing presence, especially in the southeastern region where they have limited reach, will complement each other perfectly.
Hibbett is a company with over 75 years of history, generated $1.73 billion in net sales in 2023, and has remained an important player in the retail industry for decades. Michael Longo, the current President and CEO of Hibbett, along with Executive Vice President of Merchandising Jared S. Briskin will remain with the company after the acquisition. Longo expressed excitement about joining forces with JD Sports and the opportunities it presents for their brands and customers alike as he joins them on this new chapter under their ownership.
The deal is expected to be finalized in the second half of the year when Hibbett will become part of the JD Sports family of athletic footwear and fashion retail brands. As a result, Hibbett will no longer be a publicly traded company but will continue to thrive under new leadership while providing even more value to its customers through this exciting partnership between two well-established companies.
This acquisition represents a major milestone for both companies as they come together to create an even stronger presence in North America’s sports retail market while expanding their reach into new markets and opportunities that lie ahead.
In conclusion, this acquisition marks another step forward for both companies as they continue to grow their business and expand into new territories while delivering value to their customers through exceptional service and innovative products that meet their needs.
