JD Sports has announced that it has bought US sports fashion store DTLR for £355 million ($490 million.)

The retailer said the acquisition would enhance its presence in the north and east of the United States. The company also said the buyout would complement the its existing JD and Finish Line stores, as well as its recent acquisition of Shoe Palace based on the West Coast.

Last month JD Sports raised £464 million in funding to support its acquisition plans and international growth strategy.

The funds, raised through placing ordinary shares, represent around 6 per cent of the existing issued share capital of the company.

The sports fashion company’s plans for expansion reflect its success and resilience during the coronavirus pandemic.

In the 52 weeks ended 1 February 2020, DTLR had a total EBITA of $45.6 million, with a profit before tax of $1.6 million.

DTLR will continue to be headed up by current co-chief executives Glenn Gaynor and Scott Collins.

"We are delighted that this transaction, which gives us an enhanced presence in the north and east of the United States, has now formally completed,” said Peter Cowgill, executive chairman, JD Sports. “We look forward to working with the experienced management team at DTLR and all our colleagues in the United States to further enhance our premium retail experience and become a leading customer destination for sneakers and lifestyle apparel."

Glenn Gaynor, co-chief executive of DTLR, commented on the buyout: "The DTLR Team look forward to being part of the JD family. We are excited for the future and eager to work alongside JD to enhance DTLR's connection with the consumer and the communities we serve."

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