Snipes continues his wave of takeovers and secures several locations of the sneaker chain Courir.
The Cologne-based streetwear retailer is taking over 15 branches of the French sneaker chain in France and six in Portugal, Snipes announced on Thursday. The company is thus expanding its presence in these two important core markets.
The takeover is part of conditions set by the European Commission to its direct competitor JD Sports, which wants to secure the Courir company. To address the Commission’s competition concerns, the merged company offered to “sell all Courir stores in Portugal and several stores in certain regions of France to Snipes, a direct competitor focused on the retail of leisure sports goods,” it said in late October in a message. The French competition authority and the European Commission have now approved the site takeovers by Snipes, which has now been completed.
“With the integration of the new stores, we are continuing our global growth strategy,” said Snipes CEO Dennis Schröder. “France is one of the most important markets in Europe for us. By taking over the Courir stores there and in Portugal, we are expanding our presence and strengthening our connection to local communities.”
Snipes plans to take over the existing Courir employees and is currently in negotiations, according to the statement. The 21 locations will reopen as Snipes in the future.
The retailer operates 800 stores worldwide, more than half of which are in Europe. Snipes has 51 stores in France.