(Alliance News) -Â JD Sports Fashion PLC has bought a majority stake in Crete-based Cosmos Sport SA, the athleisurewear retailer said on Friday.
Cosmos operates 57 stores in Greece and three in Cyprus. Its principal brands are Cosmos fascia - its core offering which has an elevated sporting goods and lifestyle proposition - and Sneaker 10, a premium footwear offering.
It generated revenue of around EUR52 million in 2020.
The company was founded in 1982 by Fragiskos Tsiknakis who is said to still be active in the business but has handed over day to day operational responsibility to his three sons.
Prior to JD Sports' purchase, Cosmos was 70% owned by the Tsiknakis Family with EOS Capital Partners AIFM holding a 30% stake. EOS sold its entire holding in the transaction.
"The size of the transaction does not meet the thresholds for mandatory notification under Listing Rule 10. However, we can confirm that put and call options have been agreed, to enable future exit opportunities for the Tsiknakis Family with whom we will work in partnership," JD Sports said.
Executive Chair Peter Cowgill said the "exciting" deal further expands JD Sports into 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," he said.
By Lucy Heming;Â lucyheming@alliancenews.com
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