Foot Locker is extending its reach into the Asia-Pacific and Hispanic market. Today (August 2), the athletic retailer announced it is set to purchase WSS and Atmos for $1.1 billion.
Reuters reports that Foot Locker is copping the California-based WSS for $750 million and Japanese retailer atmos for $360 million. The purchase of the latter, a well-regarded streetwear destination, will surely get the sneakerheads talking.
“atmos is uniquely positioned through its innovative retail stores, high digital penetration, and distinctive products that have made it a key influencer of youth and sneaker culture,” said Richard A. Johnson, Chairman and CEO of Foot Locker in a statement. “With atmos, we are executing against our expansion initiative in the rapidly growing Asia-Pacific market, establishing a critical entry point in Japan and benefitting from immediate scale. We are thrilled to bring atmos into our portfolio of brands and build on the strong foundation of this differentiated business. We look forward to welcoming atmos’s highly respected founder, Hidefumi Hommyo, who is considered one of the most influential people in streetwear and sneaker culture, along with the rest of the valued atmos team and their customers, to the Foot Locker family.”
Added Hommyo, “atmos was founded in 2000 as a small retail store in the back streets of Ura-Harajuku. Our passion for sneaker culture and ability to connect with our customers have been the driving forces of our growth ever since. Importantly, Foot Locker shares this passion, and we are excited to join forces with them to propel atmos into our next phase of growth.”
As for Eurostar, Inc. aka WSS, it’s a U.S.-based athletic retailer that’s based on the West Coast (California, Texas, Arizona, and Nevada), and focuses on the Hispanic consumer demographic.
“Since WSS’s inception 37 years ago, we have focused on meeting the needs of underserved communities while elevating our neighborhoods, one step at a time,” said Eric Alon, Founder and Executive Chairman of WSS, in a statement. “Through our WSS Cares! initiative and the support of Foot Locker, our mission to positively impact the communities we serve will continue. We are extremely proud to be a part of Foot Locker as they share our commitment to community.”
Both atmos and WSS will retain their names while joining the Foot Locker portfolio and the deals are scheduled to officially close in the fall of 2021.
Foot Locker To Buy WSS and atmos For a Cool $1.1 Billion was originally published on hiphopwired.com