JD Sports snaps up Greek retailer Cosmos Sport

JD Sports has snapped up an 80 percent stake in Greek retailer Cosmos Sport for an undisclosed sum in what is the latest in a string of acquisitions by the British sportswear giant.

Cosmos is based in Crete and operates 57 stores across Greece and three in Cyprus under a variety of retail banners and associated trading websites. The principal ones are Cosmos, with 32 stores, and Sneaker 10, with 19 stores.

In the year to December 31 2020, the retailer generated revenue of approximately 52 million euros.

Cosmos was founded in 1982 by Fragiskos Tsiknakis, who continues to be active in the business but has handed day-to-day operational responsibilities to his three sons: Michail, the chief executive; Eleftherios, head of property and private label; and Konstantinos, head of commercial and buying.

Prior to the acquisition, Cosmos was 70 percent owned by the Tsiknakis family with EOS Capital Partners AIFM, who invested in the business in 2019, holding a 30 percent stake. EOS have disposed of its entire holding in this transaction.

Acquisition spree

This is the latest in a spate of acquisitions by JD Sports as it pushed forward with an aggressive international expansion.

Since December 2020, the retailer has bought Manchester-based menswear boutique Oi Polloi, US footwear label DTLR, Leicester-based independent menswear retailer Wellgosh, and US footwear retailer Shoe Palace.

And last month, the retailer stepped into the UK’s highly competitive beauty market through the acquisition of a majority stake in haircare brand Hairburst for an undisclosed sum.

JD Sports is also considering snapping up a controlling stake in e-commerce retailer Missguided, according to a Sky News report in September.

“This is another exciting acquisition for JD that further expands our presence in Europe,” said JD Sports executive chair Peter Cowgill. “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.”