The Birmingham-based sports retailer, Hibbett, is set to be acquired by U.K.-based JD Sports in a deal worth $1.08 billion. The acquisition will create a company with combined revenue amounting to $5.80 billion.
According to Régis Schultz, CEO of JD Sports Fashion Plc, the acquisition aligns with the company’s strategic priorities and is crucial for its strategic and financial development. This move will enhance JD Sports’ presence in North America and reinforce its Complementary Concepts division. Hibbett’s store footprint complements JD Sports, providing a stronger presence in the southeastern U.S., where JD Sports currently has limited reach.
Hibbett operates 1,169 stores in 36 states across the U.S., with net sales of $1.73 billion in 2023. Despite the acquisition, Hibbett President and CEO Michael Longo and Executive Vice President of Merchandising Jared S. Briskin will continue with the company. Longo joined Hibbett through the acquisition of City Gear in 2019 as CEO and has been leading the company ever since then.
Once the deal is finalized in the second half of the year, Hibbett will become a part of the JD Sports family of athletic footwear and fashion retail brands, ending its reign as a publicly traded company. Longo expressed excitement about the partnership with JD Sports, highlighting their shared commitment to serving communities effectively and enhancing their customer-oriented mission together.
In conclusion, this acquisition marks a new chapter for both companies as they look forward to expanding their reach into new markets while staying true to their core values of serving customers well and building strong relationships within their communities.
