July 5 (Reuters) – JD Sports Fashion (JD.L) announced Monday that it has transferred ownership of Baltimore-based retailer DTLR Villa to its U.S. unit in order to consolidate all of its operations in the country under one single entity.
JD, Britain’s largest sportswear retailer, bought DTLR in February for $ 495 million. DTLR primarily sells athletic shoes and streetwear clothing and the deal follows the purchase of Shoe Palace in December. Read more
âJD always intended DTLR to be part of the Genesis subgroup, but the requirement for speed and certainty of executionâ¦ meant that it was more appropriate for the group to acquire DTLR directly as a first step. JD said, referring to his US unit, Genesis Topco.
London-listed JD said the move allows for better collaboration between brands he already owns through Genesis, including Shoe Palace and Finish Line. JD added that he would continue to make decisions for DTLR.
JD has announced that it will sell part of its investment in DTLR to Genesis shareholders.
Report by Pushkala Aripaka in Bangalore; Editing by Amy Caren Daniel and Shounak Dasgupta
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