JD Sports Announces Major Investment in Gym King Athleisure Brand
JD Sports has announced a multi-million pound investment in a Yorkshire-based “athleisure” brand – taking a “significant” minority stake in the company.
The Bury-based company revealed the strategic partnership with Leeds-based company Gym King on Wednesday, which provides everyday essentials and trendy sportswear.
He said the deal is designed to accelerate growth and international expansion, particularly in the United States, Europe and Asia, where JD already has a “large footprint” with more than 2,500 stores, as well as localized business websites.
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Peter Cowgill, Executive Chairman of JD Sports, said: “We have long admired the Gym King business and increasingly recognize its potential as we have worked together in recent years.
“Investing in Gym King was a natural part of strengthening our partnership and is a testament to the work Jay and his team have done over the past few years.
“The future of Gym King offers a lot of opportunities and we are thrilled to be a part of this journey.”
Founded by Jay Parker in 2015, Gym King provides sports and performance clothing.
He said the new partnership would serve “to solidify its position as one of the UK’s leading bi-genre fashion brands”.
Mr. Parker said, “This strategic partnership will help Gym King capitalize on the enormous opportunity that lies ahead, becoming a world-renowned ‘lifestyle performance’ brand.
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“Our brand’s core values - mindset, resilience and community align perfectly with JD’s business and consumer.
“We have continued to record impressive growth over the past 12 months focusing on our own direct-to-consumer online offering, as well as our premium wholesale distribution to select retail partners.
“The clear synergies with JD Sports will create a solid platform for accelerated growth.”
Gym King was advised by PwC Corporate Finance and Freeths LLP. PwC also provided business due diligence, financial due diligence and tax advice.
JD Sports was advised by Addleshaw Goddard LLP.