British sporting goods retailer JD Sports announced Monday it has closed on its $558 million deal to acquire U.S. sneaker retailer The Finish Line Inc.
Through the sale, Finish Line has merged to become an indirect wholly-owned subsidiary of JD Sports—a move intended to create a “multi-channel, multi-branded retailer of sports fashion and footwear with expanded global scope,” according to company statement. The Finish Line executive team will continue forward under the new ownership.
Peter Cowgill, JD Sports executive chairman, said this next step “represents an exciting opportunity to bring our market leading, multi-brand retail proposition to the world’s largest athleisure market, both online and in stores.” He added, “Our team will now collaborate with the experienced Finish Line management team and the key global brands to bring best in class retail theatre and multi-channel consumer experience to the U.S.”
JD Sports announced its plan to buy Finish Line in March. The purchase would instantly grow its footprint in the U.S.—an alluring market for the U.K. company because of its size and status as the birthplace for sneaker culture.
Finish Line runs roughly 930 branded locations in U.S. malls and shops inside Macy’s department stores. The retailer recently unveiled an updated store design focused on technology and immersive customer interactions in four of its locations.
“With a global footprint, together we will bring leading-edge innovation and service to our customers. Our shared vision and drive to provide a premium retail experience will further our impact as a leading, premium multi-channel retailer of sports, fashion and outdoor brands,” Sam Sato, Finish Line CEO, added.