By Inside Retail Asia
New York-based Foot Locker has acquired Japan’s sneaker retailer Atmos for US$360 million as part of its expansion plan in Asia Pacific.
Expected to close late in the third quarter of this year, the transaction will be funded with cash. Under the deal, Atmos will maintain its name, but will operate as a new banner in Foot Locker’s portfolio.
According to Foot Locker, the acquisition will accelerate its global reach with a highly strategic foothold in Japan.
“With Atmos, we are executing against our expansion initiative in the rapidly growing Asia-Pacific market, establishing a critical entry point in Japan and benefitting from immediate scale,” said Richard A. Johnson, chairman and chief executive officer of Foot Locker.
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