Arklyz Group AG has acquired The Athlete’s Foot.
International sporting goods retailer Intersport International Corp. announced that its longtime partner, Arklyz Group AG, will acquire The Athletes Foot. (Intersport International Corp. acquired The Athlete’s Foot in 2012.)
The transaction, according to Intersport International Corp., was signed on June 30 will be completed by the end of July 2021. With the deal, Intersport International Corp. said Arklyz will take over the worldwide The Athlete’s Foot business, including its trademark rights and all franchise agreements. Also, all the personnel of The Athlete’s Foot in Amsterdam and Atlanta will be retained.
Neither Intersport International Corp. or Arklyz Group AG disclosed the financial details of the transaction.
“With Arklyz, a strong operative investor was chosen among different interested parties to ensure that TAF can continue to grow rapidly and successfully,” Intersport International Corp. CEO Steve Evers said in a statement.
According to Intersport International Corp., the deal will help with both companies’ strategic goals, with IIC maintaining its focus on sports performance retail and Arklyz looking to gain more ground in its sports and lifestyle business.
“We are excited with this transaction, which represents an extraordinary opportunity for both Arklyz and The Athlete’s Foot. By taking over the TAF business, we believe we can strengthen our position as a global organization,” Param Singh, owner and CEO of Arklyz Group AG, said in a statement.
The Athlete’s Foot generated sales of $400 million in 2020, and operates 564 stores and e-commerce platforms in 32 markets to date. Also, Intersport International Corp. stated global retail sales of The Athlete’s Foot grew 47% in the first five months of 2021 compared to the same period in 2020, and 14% over the mark in 2019.
Last month, FN profiled The Athlete’s Foot after it launched its Strategic African American Retail Track program two months earlier, an effort to increase African American representation and ownership in the sneaker industry, while also championing entrepreneurship within the Black community. With STAART, The Athlete’s Foot has a goal of opening at least 50 stores over the next five years.