Fourlis Holdings announced a new strategic agreement in the sporting goods sector through the conclusion of licensing agreements with Foot Locker to further expand its store network and e-commerce in Southeast Europe, as well as agreements to acquire Foot Locker's operations in Greece and Romania.

According to the announcement, this development marks a significant growth of the group, which already consists of well-known brands such as IKEA, INTERSPORT, and HOLLAND & BARRETT, operating through franchising and licensing agreements in Greece, Cyprus, Bulgaria, and Romania. 

As part of the agreement, Fourlis Group intends to acquire Foot Locker's existing store network in Greece and Romania, which currently comprises 6 stores (3 physical stores and an online store in Greece and 3 physical stores in Romania), while at the same time the Group enters into exclusive licensing agreements with Foot Locker for the development of the Greek and Romanian markets, while expanding its network through the creation of stores in 6 additional countries in the South East of the EU. Specifically, in Bulgaria, Cyprus, Slovenia, Croatia, Bosnia & Herzegovina, Montenegro, and Bosnia & Herzegovina. The acquisition of Foot Locker's operations in Greece and Romania is subject to certain conditions and is expected to close in the first half of 2025.

As stated in the announcement, this is a series of strategic initiatives by the Fourlis Group to expand its activities in the sporting goods sector while entering new markets with significant potential. According to market data, Southeast Europe is considered the fastest growing region in EMEA in sporting goods retail, recording double-digit growth rates over the last 3 years and is expected to grow at a high rate, approaching €3.7 billion by 2026.

Commenting on the deal, Group Chairman Vassilis Fourlis said: "Our current strategic move strengthens the Group's momentum and competitive advantages in the sporting goods retail market. We are leveraging our expertise and our established market presence, thereby creating further growth and value for our shareholders. We are committed to leveraging the combined complementary strengths of Foot Locker and INTERSPORT to deliver an unparalleled sporting goods retail experience to all consumers."

Mary Dillon, President & CEO of Foot Locker Inc., commented on the agreement, "We are excited to partner with the Fourlis Group as we leverage their geographic footprint, extensive infrastructure, and deep market knowledge they possess to create further growth for Foot Locker in these regions. These agreements with the Fourlis Group will enable Foot Locker to expand its global reach."