Technology

Foot Locker Acquires Atmos and WSS Brands for $ 1.1 Billion

Foot locker We plan to acquire Japanese street brand Atmos and US-based athletic footwear and apparel retailers. WSS in two separate transactions worth about $ 1.1 billion (£ 719 million).

Atmos sells premium sneakers and apparel at 49 stores worldwide, including 39 in Japan. In 2020, Atmos generated approximately $ 175 million (£ 126 million) in revenue, more than 60% of which was generated through digital channels.

Footlocker said the $ 360 million acquisition of the brand will build a highly strategic foothold in Japan, the world’s third-largest economy, and accelerate its “global reach.” I did.

Meanwhile, WSS is a retailer inspired by a “large and fast-growing” Hispanic consumer-focused movement, 93 off in major markets in California, Texas, Arizona and Nevada. We operate a mall store. In 2020, WSS generated approximately $ 425 million (£ 305 million) in revenue.

Foot Locker has agreed to acquire the brand for £ 750m (£ 538m).

Richard A. Johnson, Chairman and CEO of Foot Locker Ltd “Atmos occupies a unique position through innovative retail stores, high digital penetration, and unique products that have become a key influence in youth and sneaker culture.

“Using atmos, we are running against expanding initiatives in the fast-growing Asia-Pacific market, establishing an important entry point in Japan and benefiting from immediate scale. Brand Atmos We are pleased to incorporate it into our portfolio and build it on a strong foundation for this differentiated business. “

He added: “WSS has built a successful high-growth business by pioneering a neighborhood-based store model built on community involvement and family offering. This acquisition brings our product mix to life. It provides access to a customer base and store footprint that is enhanced, differentiated from the current portfolio and complemented. “

https://www.retailsector.co.uk/619934-foot-locker-acquires-atmos-and-wss-brands-for-1-1bn/ Foot Locker Acquires Atmos and WSS Brands for $ 1.1 Billion

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