New York-based speciality athletic retailer Foot Locker has completed the acquisition of Japanese digitally-led retailer atmos through certain subsidiaries.
The $360m deal is subject to certain customary adjustments.
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By GlobalDataatmos operates a network of 49 stores worldwide, including 39 in Japan, under the atmos and atmos pink banners.
Foot Locker chairman and CEO Richard Johnson said: “We are delighted to officially welcome atmos’ iconic founder, Hidefumi Hommyo, and the entire atmos team to the Foot Locker family.
“We deeply value atmos’ unique brand, innovative, experiential stores, premium offerings, collaborations and understanding of sneakerhead culture.
“atmos expands our global reach in the rapidly growing Asia-Pacific market, establishes a critical entry point in Japan and allows us to benefit from immediate scale.”
atmos will keep its brand name and its value proposition once the deal is completed, operating as part of the Foot Locker brand family.
Foot Locker expects the business to generate low double-digit sales growth each year.
atmos CEO and chief creative officer Hidefumi Hommyo said: “Today atmos enters a new era, well-positioned to bring our dynamic and exciting sneakers to more people around the world.
“atmos was founded with a love of sneakers and a passion for innovation, and with Foot Locker as our partner, we have the opportunity to drive global growth while maintaining what makes us unique.”
“We have worked with Foot Locker for years on product collaborations and partnerships, and we are excited about what is ahead as we pursue our shared passion for sneaker culture, streetwear, creativity and self-expression.”
Earlier this year, Foot Locker announced a $1.1bn deal to acquire atmos together with athletic footwear and apparel retailer Eurostar (WSS).
The company expects the combined deal to be accretive to earnings of between $0.44 and $0.48 for each share next year.
