JD Sports snaps up Greek retailer Cosmos

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JD Sports has acquired a controlling stake in Greek retailer Cosmos as it presses ahead with its international expansion drive.

The sports fashion giant has snapped up an 80% stake in the Crete-based business to further expand its presence in Europe.

Cosmos operates 57 stores in Greece and three in Cyprus, primarily under the core Cosmos fascia and its Sneaker 10 premium footwear banner.

The retailer raked in €52m (£43.9m) in revenue in 2020.

Cosmos was founded in 1982 by Fragiskos Tsiknakis and his family continues to play an active role in the business. His sons Michail, Eleftherios and Konstantinos are chief executive, head of property and private label, and head of commercial and buying, respectively.

Prior to the acquisition, the Tsiknakis family owned a 70% shareholding in Cosmos with the remaining 30% held by EOS Capital Partners.

EOS has sold its entire stake as part of the deal and the Tsiknakis family reduced their shareholding to 20%.

The deal is JD’s latest international swoop as it bolsters its overseas operations.

Since 2016, the retailer has bought Sports Zone in Portugal, Hot-T in South Korea and US players Finish Line and DTLR in its bid to crack America.

JD raised £464m in February to add further firepower to its acquisition war chest.

Executive chair Peter Cowgill said: “This is another exciting acquisition for JD that further expands our presence in Europe. We welcome the highly experienced and knowledgeable Tsiknakis family to the group and we look forward to working with them on the development opportunities in the region.”