French sports deal reveals rare retail bright spot aimeedonnellan
, the near-$11 billion British purveyor of sportswear splashed out 520 million euros on French sneaker seller Courir. Regis Schultz, JD’s French boss, is planning to spend more of the company’s 1-billion-pound cash pile on further international expansion.
Taking a larger share of the sports market makes sense. Sales of exercise equipment, gym wear and running shoes are set to double to $1 trillion by 2030, according to. Courir has sneaker outlets across the continent and is popular with female shoppers: around 50% of its sales go to women, compared with just 20% at JD Sports. That explains why Schultz is willing to pay a multiple of nearly 11 times Courir’s operating profit in 2022, while JD Sports is valued at less than 7.
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