Acquisition: Dick’s Sporting Goods to buy Foot Locker
Sporting goods retail group Dick’s has announced that it will acquire specialist athletic footwear retailer Foot Locker. It said on May 15 that the two groups had agreed the deal, which values Foot Locker at around $2.5 billion.
Both companies confirmed that their boards of directors had unanimously approved the acquisition.
The executive chairman of Dick’s, Ed Stack, said: “We believe there is a meaningful opportunity for growth. By applying our operational expertise to this iconic business, we see a clear path to unlocking growth and enhancing Foot Locker’s position in the industry.”
For her part, Dick’s chief executive, Lauren Hobart (pictured), commented: “Sports and sports culture continue to be incredibly powerful, and with this acquisition, we will create a new global platform that serves those needs through concepts consumers know and love, enhanced store designs and omnichannel experiences, as well as a product mix that appeals to our different customer bases.”
Her counterpart at Footlocker, Mary Dillon, said: “Today’s announcement marks the start of an exciting new chapter for Foot Locker.” She said that joining forces with Dick’s would put Foot Locker in a position “to expand sneaker culture, elevate the omnichannel experience for our customers and brand partners, and enhance our position in the industry.”
