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JD Sports has announced it has acquired 80% of the Greek sports retailer Cosmos Sport.
The group was founded in Greece in 1982 by Fragiskos Tsiknakis, who continues to be active in the business.
Since founding the business, he has handed over day-to-day operational responsibilities to his three sons, CEO Michail, head of property and private label Eleftherios, and head of commercial and buying Konstantinos.
Prior to this acquisition, Cosmos was 70% owned by the Tsiknakis Family with EOS Capital Partners AIFM, who invested into the business in 2019, holding a 30% stake. EOS has since disposed of its entire holding after this transaction.
Cosmos currently operates 57 stores in Greece and three in Cyprus under a variety of retail banners and associated trading websites.
Its principal banner is sporting goods and lifestyle chain Cosmos, which has 32 stores, and premium footwear group Sneaker 10, which has 19 stores.
In the year ended 31 December 2020, the group generated revenues of €52m (£44m).
Peter Cowgill, chairman of JD Sports Fashion Plc, said: “This is another exciting acquisition for JD that further expands our presence in Europe. We welcome the highly experienced and knowledgeable Tsiknakis Family to the Group and we look forward to working with them on the development opportunities in the region.”
