JD Sports completes sale of Footasylum for €45m after buying it for €103m in 2019

JD Sports last month said it expects annual profit to be in line with last year's record performance on strong demand for sportswear.

Retailer JD Sports Fashion will sell Footasylum to German asset management firm Aurelius Group for an enterprise value of about €45m, the companies have said. 

JD Sports, which sells brands such as Nike, Adidas, and Puma in its stores and online stores, bought Footasylum in 2019 for £86m (€102.7m) in its quest for dominance in the sportswear market.

Britain's competition regulator last year ordered JD Sports to sell Footasylum after it found the combination could lead to a "worse deal" for consumers. 

JD Sports, which the largest sportswear retailer in Britain, last month said it expects annual profit to be in line with last year's record performance on strong demand for sportswear.

The company said total sales for the five months of the year in its like-for-like businesses remains 5% ahead of the same period last year.

It said at the time it had started a review of its control, risk and compliance target operating costs.

Previously, it had laid out plans to overhaul its corporate governance structure and internal controls after a review led to the ousting of long-time boss Peter Cowgill in May. 

The company will name Regis Schultz, former finance head of B&Q, as its CEO, Sky News subsequently reported. 

• Reuters