Britain's JD Sports transfers ownership of DTLR Villa to unit in U.S. push
Reuters
Published Jul 05, 2021 03:18AM ET
(Reuters) - JD (NASDAQ:JD) Sports Fashion said on Monday it had transferred the ownership of Baltimore-based retailer DTLR Villa to its U.S. unit to align all its businesses in the country under one entity.
JD, Britain's biggest sportswear retailer, bought DTLR in February for $495 million. DTLR sells mostly athletic footwear and apparel streetwear and the deal followed the purchase of Shoe Palace in December.
"It was always JD's intention for DTLR to be part of the Genesis sub-group but the requirement for speed and certainty of execution ... meant that it was more appropriate for the Group to initially acquire DTLR directly," JD said, referring to its U.S. unit, Genesis Topco.
London-listed JD said the transfer allows for better collaboration between brands it already owns through Genesis, including Shoe Palace and Finish Line. JD added that it would continue to make decisions for DTLR.
JD said it would be selling a part of its investment in DTLR to Genesis shareholders.
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Written By: Reuters
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