JD Sports Fashion Plc, a U.K.-based company, has announced that it will acquire Birmingham-based sports retailer Hibbett for $1.08 billion. The acquisition is expected to create a company with combined revenue of $5.80 billion and will significantly enhance JD Sports’ presence in North America and its Complementary Concepts division.
Régis Schultz, CEO of JD Sports Fashion Plc, stated that the acquisition aligns with the company’s strategic priorities and is crucial for its strategic and financial development. Hibbett’s store footprint complements JD Sports, providing a stronger presence in the southeastern U.S., where JD Sports currently has limited reach.
Hibbett, which operates 1,169 stores in 36 states across the U.S., saw net sales of $1.73 billion in 2023. Despite the acquisition, Hibbett President and CEO Michael Longo and Executive Vice President of Merchandising Jared S. Briskin will continue with the company. Longo joined Hibbett in 2019 through the acquisition of City Gear, where he held the position of CEO.
Once the deal is finalized in the second half of the year, Hibbett will become a part of the JD Sports family of athletic footwear and fashion retail brands, ending its reign as a publicly traded company. Longo expressed excitement about the partnership with JD Sports, highlighting the shared commitment to serving communities and customers effectively.
The acquisition is seen as a new chapter for both companies and has significant potential to enhance their customer-oriented mission in the years to come.
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