(Reuters) – JD (NASDAQ 🙂 Sports Fashion said on Monday it had transferred ownership of Baltimore-based retailer DTLR Villa to its US unit to align all of its businesses in the country under a single entity.
JD, Britain’s largest sportswear retailer, bought DTLR in February for $ 495 million. DTLR mainly sells sports shoes and streetwear and the deal continued with the purchase of Shoe Palace in December.
“It was always JD’s intention for DTLR to be part of the Genesis subgroup, but the requirement for speed and certainty of execution … meant that it was more appropriate for the group to initially acquire DTLR directly,” JD said, referring to its US unit, Genesis Topco.
London-listed JD said the transfer allows for better collaboration between the brands it already owns through Genesis, including Shoe Palace and Finish Line. JD added that he would continue to make decisions for DTLR.
JD said it would be selling a portion of its DTLR investment to Genesis shareholders.
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