Athens, Greece – August 28, 2024 – FOURLIS HOLDINGS S.A. (Bloomberg: FOYRK:GA - Reuters: FRLr.AT - ISIN: GRS096003009) announces a new strategic agreement in the sporting goods sector through the establishment of licensing agreements with Foot Locker for the further expansion of its store and ecommerce network in the South East Europe (SEE) region and agreements to acquire Foot Locker’s operations in Greece and Romania.
This development marks a significant expansion within the Group, which already includes renowned brands such as IKEA, INTERSPORT, and HOLLAND & BARRETT, operating through franchise & licensing agreements in Greece, Cyprus, Bulgaria, and Romania.
Under this agreement, Fourlis Group intends to acquire the existing network of Foot Locker stores in Greece and Romania, which currently includes 6 stores (3 shops and ecommerce in Greece, and 3 stores in Romania), while at the same time the Group enters into exclusive licensing agreements with Foot Locker for the further expansion of its network through the establishment of stores in 6 additional countries in Southeast Europe, namely Bulgaria, Cyprus, Slovenia, Croatia, Bosnia and Herzegovina and Montenegro, and with further development of the Greece and Romania markets. The acquisition of Foot Locker’s operations in Greece and Romania is subject to certain closing conditions and anticipated to close in the first half of 2025.
These new licensing agreements with Foot Locker are a strategic milestone for Fourlis Group, as they allow the Group to expand its presence in the sporting goods sector within its existing markets, as well as enter new high-potential markets. Based on market data , sportswear retail in Southeast Europe is the fastest growing territory in EMEA, growing at low double-digit rates over the last 3 years, and is expected to grow at high single digit rates in the next years, reaching €3.7bn by 2026. Within sportswear, lifestyle & fashion is the biggest category, accounting for almost 50% of the market and Gen-Z is the most important group, contributing 30% of the total sportswear market . Foot Locker has developed a sharp and unique positioning (brand, product, marketing) to effectively connect and engage with that audience, bringing authentic connections with the sneaker community.
Given these dynamics and opportunities, Fourlis has identified the opportunity to roll-out more than 100 physical stores in the region, in parallel with 8 e-shops.
Moreover, Foot Locker’s leadership in the sport lifestyle and sneakers market complements Fourlis Group’s long-term focus on sport performance through its Intersport banner, therefore allowing Fourlis Group to now deliver a holistic and end-to-end sports proposition with leading global sports retail brands in the SEE region.
Fourlis Group leverages strategic advantages to enhance this expansion with established management offices in Athens, Bucharest, Sofia, and Nicosia, strengthened by strong partnerships with global brands. Recognized as a benchmark omnichannel retailer in EMEA, the Group’s expertise in managing lifestyle sneaker concepts ensures high standards at Foot Locker stores. The Group’s state-of-the-art, fully automated logistics center in Athens Attica, Greece efficiently serves all EU countries, supported by comprehensive shared business services.
The Group’s customers will also benefit from an expanded range of high-quality sporting goods and sneakers, further reinforcing our commitment to meeting their diverse needs and preferences and enhancing their shopping experience, across all consumer ages & profiles.
The contribution to the Group's consolidated financial statements, including the Profit and Loss, Balance Sheet, and Cash Flow statements, is anticipated to commence within 2025, upon the completion of the transactions in Greece and Romania, and is currently under estimation.
Commenting on the agreement the Group’s Chairman, Vassilis Fourlis stated: “This strategic move positions Fourlis Group as a more competitive player in the retail market, leveraging our expertise and established market presence to drive growth and enhance shareholder value. We will capitalize on the complementary strengths of Foot Locker and INTERSPORT to offer an unmatched sports retail experience.”
Mary Dillon, President & CEO of Foot Locker, Inc., commented on the agreements: "We are thrilled to work with Fourlis Group as we leverage their regional footprint, extensive infrastructure, and deep understanding of the market dynamics to unlock growth for Foot Locker in these regions. As a best-in-class partner, these agreements with Fourlis Group will enable Foot Locker to expand our global reach.”
About Fourlis Group
Headquartered in Athens and boasting a successful history of almost 75 years, Fourlis Group is a dynamic force in the retail sector in Southeast Europe. The Group comprises leading omnichannel retail companies, dedicated to serving customers across Greece, Romania, Bulgaria and Cyprus with high quality consumer goods. Fourlis Group specializes in Retail Home Furnishings, through the franchise of IKEA stores, Retail Sporting Goods, through the licensing of INTERSPORT stores, and most recently Retail Health & Wellness, through the franchise of HOLLAND & BARRETT stores. Committed to sustainable growth and value creation, Fourlis Group has invested into the real estate sector with the establishment of TRADE ESTATES REIC, a company listed in the Athens Stock Exchange specializing in retail parks and omnichannel logistics. The Group’s success is rooted in its unwavering dedication to fostering strong relationships with its employees and suppliers, investing in cutting-edge infrastructure, and prioritizing customer satisfaction to deliver exceptional quality and experiences. As proud members of the United Nations Global Compact since 2008, the Group remains steadfast in its commitment to responsible business practices.
Information
Elena Pappa
Investor Relations & Corporate Affairs Director
Tel.:+30 210 6293254
Email: Elena.Pappa@fourlis.gr
