GMG to bring JD Sports to the region
UAE-based diversified business GMG and global sports fashion retailer JD Sports Fashion Plc have announced the signing of JD’s first franchise agreement. With the signing GMG has set the stage for JD Sports to enter the Middle East market.
The deal is a significant milestone in the delivery of JD’s global growth strategy announced by Régis Schultz, Chief Executive Officer of JD, at the company’s Capital Markets Event in February this year. The partnership will enable JD to deliver on the rollout of its ‘JD Brand First’ strategy and is a pivotal move in the continued expansion into underpenetrated markets.
Under the terms of the 10-year agreement, GMG will open around 50 stores under the JD fascia by 2028 with a focus on locations in the UAE, Saudi Arabia, Kuwait and Egypt aligned with JD’s plans to open between 200 and 300 new stores each year over the next five years.
A recent report by Data Bridge indicates that the sports apparel market in the region could reach a value of $23190.43 million by 2029 at a CAGR of 4.8%. JD’s foray into the MENA market thus comes at the right time.
“We are starting a new chapter in the sports retail landscape by acquiring the franchise rights for the GCC region and Egypt for JD Sports. By leveraging our respective strengths and expertise, we aim to revolutionise the sports retail sector, offering a diverse range of high-quality products, exceptional customer service, and innovative shopping experiences. This alliance is a testament to our commitment to enhancing the lives of consumers in the region, as we embark on a journey to provide them with unmatched choices and empower their active lifestyles,” said Mohammad A. Baker, Deputy Chairman and CEO of GMG.
“We are very pleased to be delivering this historic deal, the first franchise agreement JD has entered, in partnership with GMG. Through my own career, I have seen first-hand the massive untapped potential for retailers in the Middle East, and I am certain that GMG – with their expansive retail expertise and a local understanding of the customer – are the best partner for us in the region. We are excited by the opportunity to explore franchise partnerships as an avenue for further store growth in underpenetrated markets, leveraging the global growth phenomenon of athleisure while bringing our proven proposition to more customers worldwide,” added Régis Schultz, CEO of JD Sports.
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