Acquisition: JD Sports buys FLY53

JD Sports has recently added youth driven brand FLY53 to it's portfolio. Although the final price has not yet been disclosed, we can imagine it was settled at a healthy sum, as the brand's name as well as all assets were snapped up.

FLY53 had no standalone stores when acquired, but store openings in Central London and the rest of the UK are in the pipeline.

FLY53 founder, Will Rigg, said:

"We're going to carry on with our own retail plan, which stalled for a little while. We're going to drive and push forward our website and step up the wholesale distribution internationally".

The recently acquired brand achieved meager profits in the last 2 years, so let's hope it's new ownership will develop drive the brand into the high street consumer forefront.