JD Sports is a branded sports fashion and casual clothing retailer, combining world-renowned brands such as Nike, adidas, Puma and The North Face, with private labels such as Pink Soda and Supply & Demand.
South Africa-based retailer TFG, through its wholly owned subsidiary Foschini Retail, has signed a franchise agreement with UK-based JD Sports Fashion to be its exclusive retail partner in the African nation. TFG will open more than 40 JD Sports stores over the next five years in the country. The first stores of this type are expected to open by the end of the year.
“This partnership enables TFG to bring an attractive new international sports fashion offering to the South African market. This further reinforces our existing sports positioning, with our Sportscene, Totalsports and Sneaker Factory stores already being the destinations of choice for sports and leisure wear. ” Anthony Thunstrom, executive director of the TFG he said in a company statement.
TFG will open more than 40 JD Sports stores over the next five years in South Africa. The group hopes to open the first such stores by the end of the year, Thunstrom added.
The deal marks the next stage of JD Sports' global growth strategy, and the partnership will enable JD Sports to deliver on the launch of its 'JD Brand First' plan and is a critical step in continued expansion into underpenetrated markets, according to the notice. saying.
Implementation of the agreement is subject to exchange control approval by the South African Reserve Bank's financial oversight department, which is typical for a transaction of this nature.
Fiber2Fashion News Desk (DS)
