Her first store opened its doors yesterday JD Sports in Hellasin the commercial park Smart Park in Spata. The move comes 11 months after its 80% acquisition Cosmos Sport from the British sporting goods giant. Powergame.gr met the CEO of Cosmos Group, Michalis Tsiknakis, yesterday at the opening of the store and spoke with him about the next steps of the group in Greece and Cyprus.
After the first JD Sports in Spata – which is the 71st store opened by the Cosmos group in Greece and Cyprus – in October the online store will be put into operation as it is ready and during this time tests are being carried out at the logistics level. The address jdsports.gr is already live and currently displays the first physical store that opened yesterday. It is worth noting that the new eshop is being developed by the successful team of the Greek group. It is recalled that e-commerce was one of Cosmos Sport’s strong cards as it consistently covered over 20% of the group’s total sales, reaching up to 50% during the pandemic period. According to Mr. Tsiknakis, as in other sectors, since spring and the return of consumers to physical stores, the share of the online store in total sales has decreased.
Two new stores in 2022
Known for the speed with which it develops, the Cosmos group has set itself the goal of creating two more JD Sports stores in Athens by the end of 2022. According to Mr. Tsiknakis, the burden will then fall on the Cypriot market where in the first quarter it is estimated that at least two stores will operate. It is possible that within the next year the entire Cypriot market will be covered by 5-6 JD Sports. The fastest steps in Cyprus are made as the brand is familiar to the locals due to the close relationship they have with Britain, as well as the large number of Britons who visit the Megalonisos on a tourist level. As far as the Greek area is concerned, the goal is to have developed five stores by the middle of 2023, where it is possible that some of them will be outside Athens. According to Mr. Tsiknakis, the group’s strategy is for the JD Sports brand to have a presence in all major Greek cities.
Entry into Turkey
According to information from powergame.gr, which Mr. Tsiknakis did not want to comment on, the entry of JD Sports into the Turkish market through the Greek subsidiary is being considered. The move is made as beyond the negatives – mainly the reduced purchasing power due to the collapse of the Turkish lira – Turkey’s market offers the possibility for rapid growth, as it is based on the logic of malls, while there is also a large and dynamic customer base due to of her youth in the neighboring country.
The purchase price of Cosmos Sport
Yesterday, the financial figures for the first half of the year for the JD Sports group were announced in London. Among the detailed information provided were also details regarding the acquisition of Cosmos Sport. The process of acquiring 80% was completed on October 21, 2021 and was done with the payment of cash worth 65 million pounds sterling (approximately 74 million euros). It was also agreed that the exit of the 20% owners (Tsiknakis family) would take place from 2025 onwards. Finally, the fair value for the two main brands of the Greek group was determined at £9.1m for Cosmos Sport and £4.2m for Sneaker 10.
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