Dick’s Sporting Goods announced May 15 it will acquire sneaker retail chain Foot Locker for $2.4 billion. The acquisition will expand the Dick’s Sporting Goods brand globally for the first time.
Dick’s plans to maintain the Foot Locker brand and operate it as its own business unit. The deal includes Foot Locker’s portfolio of brands across 20 countries and 2,400 retail stores including Kids Foot Locker, Champs Sports, WSS and Atmos. Dick’s Sporting Goods’ portfolio includes Golf Galaxy, Public Lands and Going Going Gone!, across 850 stores in the U.S.
The real estate of the brands’ stores is “complementary,” according to the press release announcement. Plus, both brands have launched experiential store concepts recently, with Dick’s House of Sport and Foot Locker’s Reimagined Concept stores, which caters both to performance-focused athletes and to sneakerheads.
Foot Locker gains more omnichannel expertise, CEO Mary Dillon said. The two brands together will “drive growth through differentiated store concepts and robust digital experiences to enable sustainable long-term profitable growth,” according to the press release.
“We believe there is meaningful opportunity for growth ahead,” said Ed Stack, executive chairman of Dick’s. “By applying our operational expertise to this iconic business, we see a clear path to further unlocking growth and enhancing Foot Locker’s position in the industry. Together, we will leverage the complementary strengths of both organizations to better serve the broad and evolving needs of global sports retail consumers.”
The acquisition is expected to close in the second half of 2025.
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