After acquiring Kicks USA in 2019, global sportswear retailer Snipes is growing its presence in the US with its acquisition of the East Coast-based sneaker chain Jimmy Jazz.
Moments ago, Snipes announced it has agreed to purchase Jimmy Jazz, which will be the retailer’s largest acquisition in its history. The deal will nearly triple its network of stores in the states from 100 to 270 as well as grow its global store network from 450 to 600. Jimmy Jazz is currently headquartered in New Jersey, with nearly 170 stores scattered throughout the East Coast, Midwest, and Southeast regions.
In an email viewed by Sole Collector that Jimmy Jazz sent to its associates, the chain stated that additional details of how this transition will materialize in the near future.
“Despite the pandemic, Snipes continues to grow. Our ‘community first’ concept will keep our focus on our core customer. We are very excited to deepen our commitment to the communities we serve by partnering with Jimmy Jazz,” Sven Voth, CEO and founder of Snipes, said.
Although the Snipes’ acquisition of Jimmy Jazz was announced today, the purchase is not expected to be completed until the end of this year. The specific terms of the deal weren’t shared.
