0.08%Dick’s Sporting Goods are buying Foot Locker for $2.3 billion for what is set to be one of the biggest sneaker & sportswear retail acquisitions in history.
As much as it’s always good to talk about classic silhouettes & colourways, whether you like to admit it or not, the footwear game really will always be about big business & buyouts. According to a recent report by the Wall Street Journal one of the biggest buyouts in footwear retail history is about to happen. Dick’s Sporting Goods are close to completing an acquisition of Foot Locker in a deal worth around $2.3 billion. The deal would see the two sneaker & sporting goods heavyweights join forces to become a dominant retail force across the USA & Europe of footwear, athletic apparel & sporting goods. Foot Locker stock has soared by 65% on news of the buy out as the Californian born sneaker retailer famous for its sports referee style retail staff looked to join forces with the iconic sporting goods store.
The deal will give Dick’s a major international presence and further buying power with its big sportswear brands such as Nike, adidas, PUMA, ASICS & New Balance. Foot Locker recently moved their headquarters to Florida to reduce operating costs & posted a total revenue for 2024 of $7.99 billion. Dick’s are apparently aiming to buy Foot Locker at $24 per share which is currently double the retailers share value which closed at $12.87 on Wall Street yesterday. The acquisition is set to go down as one of the biggest in sneaker & sportswear retail history alongside the likes of JD’s acquisition of Finish Line and more recently Hibbett Sports. Also don’t forget to subscribe to Sneaker Jobs & follow @sneaker_jobs to keep up to date with all the latest industry news.
