// Foot Locker completes its acquisition of Atmos, a digitally-led retailer headquartered in Japan, for $360 million
// Foot Locker announced in the summer that it would be purchasing the brand
Foot Locker has completed its acquisition of Japanese streetwear brand Atmos in a $360 million deal.
Atmos sells premium sneakers and apparel under an exclusive in-house label and has 49 stores around the world, including 39 in Japan.
Foot Locker announced in the summer that it would be purchasing the brand as it looked to widen its global reach by establishing a foothold in Japan.
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Foot Locker chief executive and chairman Richard Johnson said: “We are delighted to officially welcome Atmos’s iconic founder, Hidefumi Hommyo and the entire Atmos team to the Foot Locker family.
“We deeply value Atmos’s unique brand, innovative, experiential stores, premium offerings, collaborations, and understanding of sneakerhead culture,”
“Atmos expands our global reach in the rapidly growing Asia-Pacific market, establishes a critical entry point in Japan and allows us to benefit from immediate scale.
“We are excited about the many opportunities we will collectively be able to capture as a result of this partnership as we continue creating significant long-term value for our shareholders, consumers, vendor partners, and employees.”
Atmos chief executive and chief creative officer Hidefumi Hommyo said: “Today Atmos enters a new era, well-positioned to bring our dynamic and exciting sneakers to more people around the world. Atmos was founded with a love of sneakers and a passion for innovation, and with Foot Locker as our partner, we have the opportunity to drive global growth while maintaining what makes us unique,”
“We have worked with Foot Locker for years on product collaborations and partnerships, and we are excited about what is ahead as we pursue our shared passion for sneaker culture, streetwear, creativity and self-expression.”
Atmos will maintain its brand name, identity, ethos, and value proposition as part of the Foot Locker family of brands.
As previously announced, Foot Locker expects Atmos to generate low double-digit sales growth annually and low double-digits to mid-teens EBITDA margins over the next five years.
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