JD Sports has agreed to buy Footasylum in a deal that values the company at £90.1m.
Peter Cowgill, executive chairman of JD Sports, said: “Footasylum is very complementary to our existing businesses in the UK. We believe that there will be significant operational and strategic benefits through the combination of the very experienced and knowledgeable management team at Footasylum and our own expertise.”
JD Sports added that Footasylum is a “well-established business” with a strong reputation for lifestyle fashion that appeals to an older demographic than its existing customer base.
JD Sports acquired an 18.7% stake in Footasylum last month, but said at the time it was not intending to make an offer for its rival.
In January, Footasylum warned that full-year profit and margins will be lower than expected after it was forced to discount to keep up with rivals over the peak Christmas trading period.