Foot Locker buys German Runners Point
Foot Locker is only a few steps away from buying the Germany-based store and online retailer Runners Point. The American retailer of sportswear and footwear has paid 94 million dollars (€72 mln) for the company but the deal still has to get a green light from the German authorities.
Foot Locker, founded in the seventies by Kinney Shoes which is owned by Woolworth, is trying to gain more ground in Europe, where it already operates more than 500 stores and took in sales of $24.2 million in 2011.
The Germain retailer Runners Point on the other hand operates soms 200 stores, in Germany, the Netherlands, Austria and Switzerland. Its revenue grew to 259 million dollars in 2012. Ken Hicks, CEO of Foot Locker is happy with the proposed acquisition. “It will enhance our position in Germany, the strongest economy in Europe, and also provide us with additional banners to further diversify and expand our European business. We also intend to leverage the strong digital capabilities of Tredex (Runners Point’s online subsidiary) to accelerate growth in our own developing European e-commerce business.”