Aug 8 Reuters Britain39;s biggest sportswear retailer JD Sports Fashion said on Tuesday it will acquire the remaining 40 stake it does not own in Marketing Investment Group MIG from the Polish retailer39;s minority shareholders.

Financial terms of the deal were not disclosed.

JD, which sells Nike, Adidas and other sports fashion ranges primarily to customers under 30 had originally acquired a 60 stake in MIG in 2021, as it looked to enter markets in central and eastern Europe.

Krakowbased MIG, which JD said generated revenue of about 270 million pounds 342.90 million in the year ended Jan. 31, sells sports fashion footwear, apparel and accessories from global brands.

In February, JD said it would spend up to 3 billion pounds to open as many as 1,750 stores over five years, as CEO Regis Schultz outlined his plans for the retailer to become an athletic leisurewear powerhouse.

Increasing JD39;s presence in the region through new store openings and further investment in our omnichannel capabilities is a key part of the strategic growth plan set out at our Capital Markets Day presentation, Schultz said in a statement on Tuesday.

1 0.7874 pounds

Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber

Source Reuters