JD Sports acquires British menswear retailer Oi Polloi

UK sportswear giant JD Sports is reportedly continuing its acquisition spree following news it has snapped up Manchester-based menswear boutique Oi Polloi.

JD Sports bought the Northern Quarter store and online assets of the cult brand earlier this year - and chairman Peter Cowgill has become a company director, according to filings seen by The Business Desk.

Oi Polloi was founded more than 20 years ago by Steve Sanderson and Nigel Lawson. The pair are now stepping away from the business, according to The Business Desk.

This relatively small purchase is is the latest in a string of acquisitions by JD Sports in recent months.

JD Sports continues to grow portfolio

In March, the company completed its 495 million dollar acquisition of US footwear label DTLR. That came in the same week the company acquired a 60 percent majority stake in Poland-based Marketing Investment Group (MIG) for an undisclosed sum.

Further back in January, the company bought Leicester-based independent menswear retailer Wellgosh - that was just weeks after snapping up US footwear retailer Shoe Palace.

JD Sports announced in February it had raised 464 million pounds through the placing of new shares to finance further acquisitions. The business said at the time it was “exploring additional funding options with a view to increasing its flexibility to invest in future strategic opportunities and that this may involve a non preemptive equity placing”.

The company was also thought to be a frontrunner in the race to snap up Debenhams or assets from Arcadia earlier this year but ultimately withdrew from the race.

In the 52 weeks ended January 30 2021, revenue at JD Sports increased to 6.17 billion dollars from 6.11 billion dollars a year earlier.

The company’s profit before tax and exceptional items was 421.3 million pounds, down from 438.8 million pounds a year earlier, but still ahead of analysts’ expectations.