JD Sports Grow American Empire with Shoe Palace Acquisition
UK conglomerate JD Sports Fashion PLC is one step closer to becoming ‘the empire on which the sun never sets’ with their latest acquisition of Shoe Palace. This latest purchase adds a strong webstore and 167 brick-and-mortar stores across America’s west coast, south, and a cluster in Florida to JD’s portfolio. The transaction has been reported to be worth $325 million, with an additional $356 million worth of equity.
Speaking on the deal, JD Executive Chairman Peter Cowgill said, ‘We are confident… of becoming a prime customer destination for sneakers and lifestyle apparel in the United States.’
Shoe Palace began as a single store in San Jose, California in 1993 and grew as a respected independent retailer with access to exclusive products and special collaborations. In the meantime, Shoe Palace will continue operating under the direction of original founders, the Mersho family.
JD entered the American market in 2018 when they acquired Finish Line for $558 million, which immediately posed a challenge to competitors Foot Locker. JD’s formidable brands already include JD Sports (their retail arm), size?, and Footpatrol in the UK, the Sprinter and Sport Zone stores in Spain, plus a number of other online and physical businesses. Now with Shoe Palace joining the JD catalogue, the retail battlegrounds are going to become very interesting…