The Foschini Group (TFG) has signed a franchise agreement with British sports-fashion retailer JD Sports to be its exclusive retail partner in South Africa.
However, the implementation of the agreement is still subject to Exchange Control approval from the Financial Surveillance Department of the South African Reserve Bank (SARB).
Should the deal be given the green light, TFG plans to open over 40 JD Sports stores over the next five years in Mzansi.
The first physical store is scheduled to open its doors before the end of 2024.
According to the Bizcommunity website, JD Sports is a sports fashion retailer of branded sports and casual wear, combining globally recognised brands such as Nike, adidas, Puma, New Balance, Under Armour and The North Face, with strong private labels, such as Pink Soda and Supply & Demand.
JD Sports was founded in 1981 by John Wardle and David Makin and has its headquarters in Bury in England.
As of 2021 it boasted over 37 000 employees and 3 400 stores worldwide.
Anthony Thunström, TFG CEO, said, “We are excited to be the exclusive partner of JD Sports in South Africa. This partnership allows TFG to bring a new compelling international sports fashion offering to the South African market. This further bolsters our existing Sports positioning, with our Sportscene, Totalsports, and Sneaker Factory stores already being the destinations of choice for athletic and leisure sports apparel.”
Regis Schultz, CEO of JD Sports Fashion plc, said, “This franchise agreement is a further milestone in our ‘JD Brand First’ plan, and I am delighted to be working with TFG, one of South Africa’s most respected retailers, as we continue to bring JD’s distinctive offering to more customers globally.”
This latest news comes hot on the heels of United Kingdom-based food and coffee chain Pret A Manger which is also planning a foray into South Africa in 2024.
As reported by The South African website, the Millat Group signed a landmark development agreement with Pret A Manger, giving Millat the exclusive licence to operate Pret shops in southern Africa.
Pret is famous for its freshly prepared food and organic coffee and is expected to open its first store in Johannesburg in the coming months.
Have you ever shopped at a JD Sports store?
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