JD Sports completes takeover of Polish footwear and clothing company

JD Sports has completed the acquisition of a 40 per cent minority stake in Marketing Investment Group (MIG), meaning it is now the sole owner of the company.

The Polish footwear and clothing giant owns a number of retail chains including Sizeer, 50 Style, Timberland, and Symbiosis. It is also the sole distributor of New Era, Lotto, and Umbro.

The takeover follows a decision from the European Commission to declare the transaction compatible with the internal market.

JD sports said that as a result of the move, it has simplified its European operations and also created the opportunity to accelerate the rollout of the JD brand in Central and Eastern Europe.

Earlier this month, JD Sports saw its shares tumble by more than 20 per cent following news that it had lowered its full-year profit forecast.

In a trading update, the company said that high levels of “promotional activity” combined with higher costs and subdued consumer spending in the prior quarter had impacted its sales.

As a result of the weaker than expected trading period, JD Sports now expects pre-tax adjusted profits of between £915 million and £935 million for its financial year ending 3 February. This is significantly down from its previous forecast of £1.04 billion.

In December, Sports Unlimited, a Dutch subsidiary of JD Sports, was declared bankrupt.

The company operates around 50 stores in the Netherlands.

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