Aug 8 (Reuters) – Britain’s largest sportswear retailer JD Sports Fashion (JD.L) stated on Tuesday it’s going to purchase the remaining 40% stake it doesn’t personal in Marketing Investment Group (MIG) from the Polish retailer’s minority shareholders.

Financial phrases of the deal weren’t disclosed.

JD, which sells Nike, Adidas and different sports activities trend ranges primarily to prospects underneath 30 had initially acquired a 60% stake in MIG in 2021, because it appeared to enter markets in central and japanese Europe.

Krakow-based MIG, which JD stated generated income of about 270 million kilos ($342.90 million) within the yr ended Jan. 31, sells sports activities trend footwear, attire and equipment from world manufacturers.

In February, JD said it would spend up to 3 billion pounds to open as many as 1,750 shops over 5 years, as CEO Regis Schultz outlined his plans for the retailer to turn out to be an athletic leisurewear “powerhouse”.

“Increasing JD’s presence in the region through new store openings and further investment in our omnichannel capabilities is a key part of the strategic growth plan set out at our Capital Markets Day presentation,” Schultz stated in an announcement on Tuesday.

($1 = 0.7874 kilos)

Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber

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