The Fourlis group signed a strategic agreement with Foot Locker, changing the track in the sportswear industry, as it not only strengthens its leading shares in the said industry, but mainly lays the groundwork for more than doubling its sales in the medium term.
As the president of the group, Vassilis Fourlis, revealed a while ago in a press conference at Fourlis’ new offices in Kifissia, yesterday licensing agreements were signed with Foot Locker for the further expansion of the store network and e-commerce of the American giant in the Southeast Europe, as well as acquisition agreements for Foot Locker’s operations in Greece and Romania.
“This move has the prospect of more than doubling the consolidated sales in the sports sector (including Intersport and Foot Locker) in the next three to five years, reaching approximately 500 million euros, while profitability will multiply,” emphasized Mr. Fourlis , even stating that the target for total turnover of 750 million euros in 2026-2027 and 8% ebit will be upgraded.
What’s in the deal?
As part of the agreement, the Fourlis Group intends to acquire the existing Foot Locker store network in Greece and Romania, which currently includes 6 stores (3 physical stores and one online store in Greece and 3 physical stores in Romania), while at the same time concluding exclusive licensing agreements (licensing agreements) with Foot Locker for the development of the Greek and Romanian markets, while expanding its network through the creation of stores in 6 additional countries in Southeast Europe.
Specifically, in Bulgaria, Cyprus, Slovenia, Croatia, Bosnia & Herzegovina and Montenegro.
The acquisition of Foot Locker’s operations in Greece and Romania is subject to certain conditions and is expected to close in the first half of 2025.
This development marks a significant development for the group, which already consists of well-known brands such as IKEA, Intersport and Holland & Barrett, which operate through franchise and licensing agreements in Greece, Cyprus, Bulgaria and Romania.
The investment is 80 million euros
For the development of the Foot Locker network in the 8 markets, the investment will reach 80 million euros, according to the group’s management.
In more detail, the group’s capital expenditure (CaPex) for the next six years is 40 million euros, according to Mr. Dimitris Valachi, CEO of the Fourlis group, with the total investment reaching 80 million euros, as he said .
The investment will be covered by Foot Locker’s own operating results, as well as the group’s results and cash.
Over 100 stores
The Fourlis group aims to develop 100-120 physical stores in the wider Balkan region, alongside 8 online stores.
In addition, Foot Locker’s leading position in the sports lifestyle and sneaker market complements the Fourlis group’s long-term focus on the sports performance market through the Intersport brand, allowing it to offer a comprehensive sportswear proposition with leading global sportswear retail brands in region of Southeast Europe.
At the same time, the Fourlis group, utilizing its strategic advantages, strengthens this expansion through its offices in Athens, Bucharest, Sofia and Nicosia, which already manage international collaborations with brands.
Source: ot.gr
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