Society

Foot Locker to make $360 million Japanese acquisition

Aug 12 (iclg.com) - Japanese streetwear and footwear boutique Text Trading Company KK (Atmos) has agreed to be taken over by United States footwear giant Foot Locker for USD 360 million.

New York Stock Exchange-listed Foot Locker engaged DLA Piper to act for it on the transaction, which Foot Locker hopes will help grow its reach and market position in Japan. Atmos owns the Atmos brand, a premium footwear retailer with a multi-channel offering and existing relationships with sellers in the footwear market. DLA Piper partner Erik Wulff, who also headed up the firm’s advisory team on the transaction, said in a statement that the deal will support Foot Locker’s “growth strategy in the growing Asia-Pacific market and expand on its impressive brand portfolio”. Foot Locker plans to pay for the acquisition using existing cash reserves. Atmos has 49 physical shop locations globally, with 39 of them in Japan, which is the world’s third-largest economy. As well as increasing its strategic presence in Japan, Foot Locker hopes that it can leverage its premium offering via the acquisition. In fiscal year 2020, Atmos generated revenues totalling approximately USD 175 million, with over 60% of this coming from online channels.

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