Foot Locker Buys Retailers for $1.1 Billion

Foot Locker buys sneaker and athletic brands for $1.1 billion in bid to expand to Asian and Hispanic markets. 

In an all-cash purchase, Foot Locker has acquired two shoe major shoes brands. The California-based shoe chain WSS was bought for $750 million, in addition to Japanese streetwear brand Atmos for $360 million. Both deals took place on August 2, 2021. 

Credit: GQ

The expansion comes after a recent sales-boost for sneakers and athletic gear, in addition to many people spending their government stimulus payments at Foot Locker locations. Owing to this, the company confirmed its shift to move past in-mall shoppers to focus on online shopping.

Credit: CNBC

WSS is currently based in the U.S. with 93 stores across Arizona, California, Nevada and Texas, with a large Hispanic audience.

Atmos, which has 49 stores in Japan, is most well-known for its special edition footwear collaborations, including Nike Inc. 

WSS and Atmos will continue to operate under their own business names. In the meantime, available cash will continue to fund the deal, according to sources. 

Written by Franziska Pugh | IG: @franziskapugh