JD Sports to Acquire Hibbett in $1.08 Billion Deal, Strengthening US Presence and Boosting Growth Plans
JD Sports Fashion Plc, a UK-based sports retailer, has announced that it will acquire US-based Hibbett for $1.08 billion. The acquisition is expected to create a company with a combined revenue of $5.8 billion and will accelerate JD Sports’ growth plans in the US, particularly in the South.
Régis Schultz, CEO of JD Sports Fashion Plc, stated that the acquisition aligns with the company’s strategic priorities and is crucial for its strategic and financial development. This move will enhance JD Sports’ presence in North America and reinforce its Complementary Concepts division. Hibbett’s store footprint complements JD Sports, providing a stronger presence in the southeastern US where JD Sports currently has limited reach.
Hibbett is a company with over 75 years of history and operates 1,169 stores in 36 states across the US. In 2023, the company saw net sales of $1.73 billion. Despite the acquisition, Hibbett President and CEO Michael Longo and Executive Vice President of Merchandising Jared S. Briskin will continue with the company. Longo joined Hibbett in 2019 through the acquisition of City Gear, where he held the position of CEO.
Once the deal is finalized in the second half of the year, Hibbett will become a part of the JD Sports family of athletic footwear and fashion retail brands, ending its reign as a publicly traded company. Longo expressed excitement about the partnership with JD Sports, highlighting the shared commitment to serving communities and customers effectively. This acquisition is seen as a new chapter for both companies, with
