JD said that the sale of Footasylum has been “agreed in accordance with the final undertakings issued by the Competition and Markets Authority (‘CMA’) on 14 January 2022, following its decision to prohibit JD’s acquisition of Footasylum last year”.
Kath Smith, interim CEO of JD, said: “I would like to sincerely thank the teams at Aurelius and Footasylum who worked collaboratively with the CMA to agree this transaction. We wish both parties every success for the future.”
The deal brings an end to a long-running saga between JD Sports and Footasylum which dates back to March 2019, and which at one point saw former JD boss, Peter Cowgill, breach CMA rules by exchanging commercially sensitive information during a meeting with his Footasylum counterpart Barry Brown in a car park in Bury in July last year. As a result the sportswear retailer was handed a £4.3m fine in February 2022.
The sale is anticipated to be completed in the coming weeks with no conditionality.
The news follows after JD Sports reported its expected pre-tax profits to match last year’s record performance after like-for-like sales rose 5% during its first five months of the current year.