Foot Locker deals expand footprint in U.S. Hispanic markets and Asia
CBSN
Foot Locker is acquiring a pair of companies in deals worth more than $1 billion to expand the company's footprint in US. Hispanic markets and in the Asia-Pacific region.
The New York-based company said Monday it's buying athletic footwear and clothing company Eurostar Inc. for $750 million. Eurostar concentrates on Hispanic consumers, running 93 stores in California, Texas, Arizona and Nevada. The company had approximately $425 million in fiscal 2020 revenue. Foot Locker also announced it's buying Text Trading Co., which owns and licenses a Japanese retailer called atmos, for $360 million. The transaction accelerates Foot Locker's Asia-Pacific expansion; atmos, with fiscal 2020 revenue of about $175 million, has 49 stores worldwide.
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