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Tag: JD Sports

  • JD Sports to quit South Korean after five years

    JD Sports to quit South Korean after five years

    UK activewear label JD Sports is set to withdraw from South Korea after five years of operation, according to Edaily.

    The retailer was reported to have experienced a deepening deficit since the Covid-19 pandemic, which led to the decision. The source said JD Sports Korea had notified all employees of the exit plan.

    JD Sports entered South Korea in 2017 through a joint venture deal with South Korean footwear company Shoemarker. The first JD Sports store was opened in April 2018. Currently, the company operates 14 directly managed stores nationwide, including at Lotte World Tower in Jamsil, Seoul and Starfield Goyang.

    Meanwhile, the UK retailer has recently been the target of a cyber attack that resulted in unauthorised access to a system containing customer data relating to online orders between November 2018 and October 2020. The affected JD Sports group brands are JD, Size?, Millets, Blacks, Scotts and MilletSport.

    Earlier this year, British retailer Frasers Group bought shares in JD Sports for about US$57.7 million, as the Mike Ashley-owned company continues its drive into a more premium market.

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  • LVMH’s shuttered Thomas Pink brand to be revived

    LVMH’s shuttered Thomas Pink brand to be revived

    British shirt-maker Thomas Pink is set to be revived after former JD Sports executive Nick Preston acquired the brand.

    According to the Mail on Sunday, Nick Preston has brokered a deal to take control of LVMH’s shirtmaker brand, including its intellectual property but not its website or shops.

    The retailer ceased operations last year amid the Covid-19 pandemic, as LVMH Group was seeking to sell the brand. Last December, the French luxury group removed Thomas Pink from its “Fashion and Leather Goods” website page.

    According to Retail Gazette, Thomas Pink updated its own website last month, saying “We’re excited to announce that we’re returning to our roots with the same team that has helped build Thomas Pink Shirtmakers over the years”.

    “We have some things to iron out and button-up, but will be back soon with an improved website to offer you the highest quality English shirting made for modern life that you have come to know and love.”

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  • It’s all over for Debenhams as liquidators appointed

    It’s all over for Debenhams as liquidators appointed

    British department store retailer Debenhams is to be liquidated after failing to find a buyer, administrators FRP Advisory announced on Tuesday.

    FRP will commence a wind-down of the business, which was founded back in 1778, spelling the end of 12,000 jobs, mainly in the UK. It has 124 stores there and in Denmark, where it owns Magasin du Nord.

    However, the liquidator said it would continue to seek offers for all or parts of the business during the process.

    The collapse comes a day after Sir Philip Green’s Arcadia Group was placed in administration.

    Debenhams was first placed in administration on April 9 last year in a pre-pack administration which resulted in 22 stores being closed and rent reductions secured for many more. A second administration came exactly 12 months later this year.

    Efforts to find a suitor have been underway for eight months, with the most recent being JD Sports which quit rescue talks on Tuesday following the demise of Arcadia.

    According to its website, Debenhams operated 45 stores under licensing agreements in 17 countries including Malaysia, the Philippines and Pakistan in Asia. An earlier foray into Vietnam failed.

    The remainder of the franchises are in Eastern Europe and the Middle East, with the first franchise opened in Bahrain in 1997.

    In a statement, FRP said that given the current trading environment and the likely prolonged effects of the Covid-19 pandemic, the outlook for a restructured operation is highly uncertain.

    “The administrators have therefore regretfully concluded that they should commence a wind-down of Debenhams UK, whilst continuing to seek offers for all or parts of the business.”

    Trading will continue at UK stores and online to clear current and contracted stocks.

    “On conclusion of this process, if no alternative offers have been received, the UK operations will close,” said FRP.

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  • JD Sports defies Brexit to deliver strong growth numbers

    JD Sports defies Brexit to deliver strong growth numbers

    UK sportswear business JD Sports Fashion saw revenue improve 47 percent over the first half of FY20 to £2.72 billion, with global like for like sales growth of 12 percent.

    The group, which runs the JD Sports chain in Australia, also saw group profit before tax and exceptional items increased 30 percent to £158.6 million, up from the £121.9 million seen in the prior corresponding period.

    According to JD Sports executive chairman Peter Cowgill, the management team is very pleased with the result, especially given the ongoing challenge of Brexit’s impact on retail in the UK.

    “We recognize that there is heightened uncertainty surrounding the nature of the UK’s exit from the European Union, and we are very cognizant of the increased risk of a disorderly exit,” Cowgill said.

    The group’s sports fashion businesses saw a strong half, with profit before tax and exceptional items growing 43 percent to £182.4 million.

    “The combined JD businesses in the Asia Pacific region delivered total like for like growth of just under 10 percent, although the earlier timing of Chinese New Year relative to last year did impact on the performance of the business,” Cowgill said.

    “We continue to make learnings in all of our territories which we use to further refine our integrated digital propositions and, with the ongoing support of our key brand partners, we remain confident that further opportunities will prevail to expand the reach of our exciting and dynamic proposition in the region,” Cowgill said.

    Cowgill noted that, in the Asia-Pacific region, JD Sports opened seven new stores during the period across Malaysia, Singapore, and Australia.

    JD’s outdoor business, however, saw more mixed results – finishing the first half with a loss before tax and exceptional items of £20.1 million, compared to the 3.8 million loss seen during the prior period.

    This was due to a challenging first quarter, compounded by a £20.7 million partial impairment due to goodwill from previous years on the acquisition of the Go Outdoors business.

    Preparing for a no-deal exit

    According to Cowgill, the business is well aware of the risk a no-deal exit from the EU would pose to JD Sports, and the UK retail industry as a whole.

    As a result, JD Sports has pulled forward a plan to expand warehouse space in Belgium in order to better serve its EU customers in the event of a no-deal.

    “The group always expect that, for operational purposes, a European warehouse would be required sometime after 2021 with the risks associated with Brexit bringing this decision forward,” Cowgill said.

    “We are working with our logistics partners to secure an additional 80,000 square foot of space at a facility in Belgium which will provide us sufficient capacity to process launch product for footwear for the key brands.”

    Cowgill added that the facility will be available for use in early 2020.

    The looming threat of Brexit has also touched the group’s outlook for the remainder of the year, as well as a shift to a different leasing standard, IFRS 16.

    “Notwithstanding the ongoing uncertainty with regards to Brexit… the group would have been on track to deliver headline profit before tax for the full year at the top end of market expectations which currently rage from £402 million to £424 million,” Cowgill said.

    “However, after adjusting for the impact of the transition to IFRS 16, we would expect to deliver results at the mid-point of expectations.”

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  • Footasylum shares soar after JD Sports takes stake

    Footasylum shares soar after JD Sports takes stake

    Shares in Footasylum soared after British retailer JD Sports said it had acquired an 8.3 percent stake and could buy nearly 30 percent of its smaller rival. JD, which has used a number of corporate acquisitions to assemble its network of more than 2,400 stores over the past two decades, said that it “confirms it is not intending to make an offer for Footasylum” under merger regulations.

    But investors drove shares in the company, which is listed on the secondary market of the London Stock Exchange, rose 58.6 percent to 46 pence in the first hour of trading.

    Footasylum, started by JD Sports co-founder David Makin in 2005, was forced to cut prices at its 60 stores after a disappointing run up to Christmas which saw British consumers rein in spending.

    It now competes with JD Sports, Sports Direct and Asos among others, which are all feeling the impact of sluggish British consumer spending amid squeezed household incomes and uncertainty ahead of Britain’s impending exit from the European Union.

    Makin and fellow JD Sports founder John Wardle were bought out by the company’s current majority owners Pentland Group in 2005 and later resigned as directors.

    Footasylum said in January its full-year core earnings would come in at the lower end of analysts’ estimates.

    JD Sports shares were up about 1 percent at 454.03 pence.

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  • IconSiam Bangkok due to open November 9

    IconSiam Bangkok due to open November 9

    Bangkok’s massive IconSiam development will open on November 9, its developers have confirmed.

    The US$1.67 billion complex being constructed on a 400-metre-long stretch of the Chao Phraya River will feature 14 flagship stores of internationally renowned brands, many of them taking space in the ultra-luxury 25,000sqm glass pavilion called IconLuxe, located next to the river and featuring the longest pillarless glass facade in the world.

    The development will be home to two shopping centres, whose tenants will include 188 brands and store concepts from around the world making their debut in Thailand, including duplex maisons for luxury brands.

    IconSiam CEO Supoj Chaiwatsirikul says IconSiam will represent “a completely new business model for destination development” in Thailand.

    “We are committed to making IconSiam a new national landmark and an exciting global destination. We have therefore placed particular emphasis on becoming the location of choice for the flagship stores of the world’s finest brands as well as introducing many firsts and innovations at the various outlets.”

    The development will comprise a 750,000sqm mega-destination featuring not only two shopping precincts, but theme parks, a museum, hotel and apartment towers.

    “IconSiam will excite visitors with a rich diversity of offerings, including art and culture, in addition to extraordinary dining and shopping possibilities,” said Chaiwatsirikul. “The project is co-designed and co-activated in collaboration with enterprises of all sizes and with people from all walks of life, and the benefits of the project are shared among all parties.

    “We have made every participant in IconSiam – whether they be outlets selling products, or designers and artists showcasing their creations, or even neighborhood communities helping in our operations – an inseparable part of our business model and they play a part in shaping our development.”

    Flagships line up

    Flagship stores at IconSiam will include the largest Adidas Original store in Asia, H&M-owned fashion label Cos, an Aland lifestyle concept store from Korea, and local accessories brand Naraya. H&M will open a three-level store.

    UK retailer JD Sports will open its first Thai store at the development and Nike’s store will be the first in Asia with a Kicks Lounge.

    The retail development is anchored by Thailand’s first Takashimaya department store from Japan which plans to introduce 170 brands into the market for the first time.

    Details have yet to be released about world-class restaurants and a rooftop bar planned for the complex. Besides those, IconSiam will feature seven food and beverage zones, each with a different atmosphere and concept. Tenants will include Singapore’s Jumbo seafood restaurant and Taiwan’s Harbour restaurant.

    Fitness First will open its largest Thai venue yet.

    Opening festival

    Chaiwatsirikul says IconSiam has budgeted THB1 billion (US$31 million) on an opening and launch festival, including extensive international communications.

    “Because IconSiam will be a showcase for the very best that Thailand has to offer and serve as a platform to propel Thai brands, products, artists, artisans and Thai culture onto the global stage, we are investing heavily to make IconSiam globally visible. We want IconSiam to be a magnet for the country, capable of drawing hundreds of thousands of international and local visitors a day, and to bring honour to Thailand,” he said.

    Meanwhile, the development’s two luxury residential towers remain under construction. The 70-floor, luxury Magnolia Waterfront Residences with 379 residential units is 90 per cent complete, while the 52-floor, super luxury The Residences at Mandarin Oriental Bangkok with 146 units is 80 per cent complete.

    IconSiam is being developed by three Thailand companies: shopping centre operator Siam Piwat, which owns Siam Center, Siam Paragon and Siam Discovery; residential developer Magnolia Quality Development Corporation; and multinational conglomerate Charoen Pokphand Group.

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  • JD Sports sees revenues and profits soar in ‘record result’

    JD Sports sees revenues and profits soar in ‘record result’

    JD Sports saw profits increase more than 17 per cent to £95.4 million (US$124.1 million) in the six months to August 4, from £81.1 million in the previous corresponding period.

    The sporting retailer saw gross revenue jump 35 per cent to £1.84 billion, from £1.36 billion, while basic earnings per share increased 24 per cent to 10.05p, from 8.09p.

    “This is another record result for our group demonstrating that our multibrand multichannel premium offer has resilient profitability in its core UK and Ireland market with capacity for continued growth across an increasing number of international markets,” JD Sports executive chairman Peter Cowgill said.

    “Sales to date in the second half have continued at a similar levels to those in the first half, supporting our continued confidence in the robustness of the JD proposition.”

    Cowgill reported significant positive progress in Australia, where JD Sports has opened four new stores during the period, including the conversion of three former Glue stores.

    This brings JD Sports’ total presence to six stores in Sydney and four stores in Melbourne.

    The company plans to open a further three stores in the second half, including a flagship store on Pitt Street in Sydney, according to Cowgill.

    Like-for-like store sales for the APAC region stayed flat.

    The company said it will issue a more robust trading update after the Christmas period.

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  • JD Sports launches entertainment platform

    JD Sports launches entertainment platform

    The company is working with multichannel in-store and digital production company Immedia on the 24-hour service which is clearly seen as a key development for the retailer.

    It was officially launched at with a VIP party, with an exclusive live performance by Anne-Marie.

    It’s part of “a larger programme of added benefits designed to enhance the experience of JD consumers.” These include unlimited next day delivery, priority access to exclusive events, early product launch access and other “money-can’t-buy experiences.”

    JD-X is being rolled out now to all JD UK stores and with Immedia providing language-specific channels on a global basis, there are plans for the platform to be available in other European countries too. Ireland, France, Belgium, Spain, Portugal, Germany, Italy, Netherlands, Sweden, Denmark and Finland are all on the hitlist.

    So what do consumers actually get with JD-X? A main Live channel featuring DJs, guest artists and other “exclusive and relevant content”, plus “20 other bespoke streams with specific playlists to cover genres and trends.”

    The JD-X Live channel focuses on “the biggest tracks popular with the JD audience.” Core artists include Drake, Ramz, Mabel, Stormzy, Anne-Marie, Calvin Harris, J Hus, Dua Lipa, Post Malone and Kendrick Lamar.

    The genres and activities on the 21 channels include UK Reppin’, featuring tracks from the stars of the UK Grime and RnB scenes. And there are other playlists to listen to when in the gym or out running.

    JD-X also provides content relevant to consumer interests including sport, clubs, gaming, gigs, relaxation, and TV. There are videos too, such as the latest content from JD, including celebrity exclusives and features on new products, all available to view inside the app.

    Immedia CEO Bruno Brookes said: “Live entertainment channels offer an incredible way for brands, facing the dual threat of declining advertising response rates and the increase in ad blocking technologies, to establish unique connections with consumers that deliver excellent experience and business results.”

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  • JD Sports Opens its Flagship Store at ION Orchard

    JD Sports Opens its Flagship Store at ION Orchard

    UK-based multi-brand sportswear and shoes retailer JD has opened an Ion Orchard flagship.

    The new 7200sqft store follows the recent opening of a JD’s store at Jurong Point, and offers an expanded range that includes favourite brands such as Nike, Adidas, Puma, Under Armour, and JD’s home brand Supply & Demand. It also retails a wider range of JD Exclusive trainers, only available at JD stores in Singapore.

    JD also stocks trainers direct from Europe with the Western Europe range, which are not readily available in Southeast Asia.

    The group runs over 1400 stores under various retail fascias.

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  • JD Sports continues Australia expansion

    JD Sports continues Australia expansion

    The JD Sports Perth store in Westfield Carousel will open on 30 August and the new store in Brisbane’s city centre will open on 20 September 2018.

    In April 2017, JD Sports was brought to Australia by local retail agent Hilton Seskin, whose Next Athleisure firm also brought out from the UK Topshop and Topman, which filed for administration only a few years after, before being rescued by parent company, Arcadia Group, effectively saving it from exiting the market.

    However, JD Sports has exploded in Australia in the last twelve months and expanded rapidly on the continent, opening nine stores on the east coast, namely in bigger cities such as Sydney and Melbourne.

    The opening in Perth will see the retailer enter the west coast of Australia for the first time, already a burgeoning online market for the brand, according to Seskin, since JD Sports launched its e-commerce platform in Australia upon entry.

    “The move into Perth is highly anticipated as Western Australia has always interacted with the brand, even before we launched a physical store — it was actually the number one traffic location for online users prior to launch,” said local retail distributor, Hilton Seskin, in a statement.

    Compared to fast-fashion and apparel, the sportswear retail market is relatively unsaturated in Australia, meaning big name international chains are starting to stake their claim via physical and online store debuts.

    However, competition is heating up for JD Sports. France’s Decathlon has since launched in Australia in December 2017, prompting local retailer Super Retail Group to rebranded its sporting brands Rebel Sport and Amart stores to simply Rebel last year.

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  • JD Sports expands retail footprint with 36 new stores

    JD Sports expands retail footprint with 36 new stores

    Ahead of its annual general meeting, JD Sports Fashion Plc said in a statement that the Group announced record results for the year ended February 3, 2018 and its board believes that the company continues to be on track to deliver a result for the full year in line with consensus market expectations. The company also opened doors to 36 new stores starting this fiscal year to June 23, 2018.

    “There has been a further expansion in the JD store estate with a net increase of 36 stores in the period to June 23, 2018. As expected, the emphasis has been on international development with 18 new stores to date across Europe. There has also been an increase of 16 stores in the Asia Pacific region with additional stores in both Malaysia and Australia and the first JD stores in both South Korea and Singapore. The 16 new JD stores in the Asia Pacific region include 12 conversions from other fascias operated by our partners in these territories,” said Peter Cowgill, the Executive Chairman of JD Sports in a statement.

    “Overall, we remain encouraged about the progress that we are making internationally and, following the recent acquisition of the Finish Line business, are excited by the opportunity ahead of us in the United States,” Cowgill added.

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  • JD Sports Fashion Korea

    JD Sports Fashion Korea

    JD Sports Fashion Korea will launch with a store in Seoul’s Gangnam district on Friday week.

    It is the British sports fashion brand’s first venture into the Northeast Asian market since forming a JV with Korean retailer Shoemarker in September.

    By the end of the year, JD Sports hopes to have 32 stores across Korea, to be promoted and managed by Shoemarker. They will offer such global sportswear brands as Adidas, Fila, Nike and Puma.

    Founded in 1981, JD Sports Fashio has more than 1250 stores in 14 countries including Australia, France, Germany and the UK. Sales reached US$3.24 billion in 2016.

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  • JD Sports in Deal to Acquire Finish Line

    JD Sports in Deal to Acquire Finish Line

    British retailer JD Sports Fashion is to pay US$558 million to acquire America’s Finish Line, one of the country’s largest upmarket sportswear chains.

    Finish Line, whose sales reached $1.84 billion in the year to March 3, is listed on the Nasdaq. It sells multi-brand apparel and accessories from 556 branded retail stores across 44 states and Puerto Rico, and online.

    Besides its own stores, Finish Line sells athletic shoes through 375 branded and 188 unbranded concessions within Macy’s stores and on the company’s website.

    JD Sports, which recently overtook UK rival Sports Direct as the nation’s largest sportswear retailer by market value, has previously expanded in to South Korea, Spain and France, with other Asian markets on the horizon. This is its first foray into the US market.

    “This is a landmark day for JD and will be transformational for the business. It immediately offers a major presence in the US, a clear next step to further increase our global scale,” said executive chairman Peter Cowgill in a statement.

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  • JD Sports Malaysia expansion plans

    JD Sports Malaysia expansion plans

    JD Sports Malaysia has ventured into the provinces with its first Penang and Malacca stores.

    The Penang outlet is at Sunway Carnival, and the Malacca store at Mahkota Parade.

    This follows six other stores for the British sneaker and sportswear retailer in Malaysia, the latest opening in Putrajay’s IOI City Mall in November.

    Meanwhile, a JD Sports Singapore Instagram account has surfaced, indicating the retailer may open a store there.

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  • JD Sports Fashion forms JV for Korea

    JD Sports Fashion forms JV for Korea

    British sportswear retailer JD Sports Fashion has formed a joint venture to enter the South Korean market.

    It is partnering with footwear retailer Shoemarker and its J&S Partners unit, which trades as Hot-T . It has bought an initial 15 per cent of Hot-T fo r £ 5.5 million (US$7.4 million ) and has a call option to buy a further 35 per cent stake following the finalisation of Hot-T’s accounts for the year ending December 31.

    JD said it intends to exercise the option and rebrand the Hot-T stores as JD, though the business will continue to be run by its existing management.

    With 23 stores and a website, Hot-T had about  £17.2 million in revenue last year.

    JD executive chairman Peter Cowgill says the JV will further strengthen the company’s global presence, and gives it the opportunity to enter a market with more than 50 million people with a proven partner.

    As well as the UK, JD has stores in Ireland, France and Spain.