According to the group, the deal will further “enhance” the brand’s presence in the north and east of America. The UK retailer already has six own brand stores in the country, as well as ownership of sports store Finish Line which it acquired in 2018.
JD Sports, which was established in the UK in the 1980’s, also acquired Shoe Palace, a retailer of branded sports footwear and apparel based on the West Coast of the US in 2020 for $325m (£244m).
DTLR currently operates from 247 stores across 19 states, principally in the north and east of the United States. As part of the deal, Glenn Gaynor and Scott Collins will continue in their roles as co-CEOs, and will also be reinvesting a portion of their proceeds made from the sale back into a new minority stake.
Peter Cowgill, executive chairman of JD, said: “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.
“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-CEO of DTLR, added: “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.”