JD Sports says it acquired the majority stake in Cosmos on 21 October as it further expands its presence in Europe.
Cosmos, which is based in Crete, operates 57 stores in Greece and three in Cyprus, which sit under a variety retail banners and associated trading websites. Cosmos is the company’s core brand with 32 stores and an elevated sporting goods and lifestyle offering. While Sneaker 10 has 19 stores with a more premium footwear offering.
In the year ended 31 December 2020, Cosmos generated revenues of about EUR52m (US$60.5m).
The company was founded in 1982 by Fragiskos Tsiknakis who continues to be active in the business. He has handed over day-to-day operational responsibility to his three sons Michail (CEO), Eleftherios (head of property and private label), and Konstantinos (head of commercial and buying).
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.”
Prior to the completion of this acquisition, Cosmos was 70% owned by the Tsiknakis Family with EOS Capital Partners AIFM (‘EOS’), who invested into the business in 2019, holding a 30% stake. EOS have disposed of their entire holding in this transaction.
JD Sports noted the size of the transaction does not meet the thresholds for mandatory notification under Listing Rule 10 but confirmed that put and call options have been agreed, to enable future exit opportunities for the Tsiknakis family with whom JD Sports will work in partnership.
Last month, JD reported a record result for the first half of the year, which sent its shares soaring by more than 8%.
Meanwhile, reports last month suggested JD is weighing a bid for online fast-fashion giant Missguided but the group refused to be drawn into speculation.