Foot Locker to buy two retailers for $1.1bn

Foot Locker said on Monday that it has agreed to buy Japan-based retailer Atmos for $360m and US athletic apparel retailer WSS for $750m, both in cash.

It said Atmos is a "culturally connected" brand featuring premium sneakers and apparel, an exclusive in-house label, collaborative relationships with leading vendors in the sneaker ecosystem, experiential stores, and a robust omni-channel platform.

It has 49 stores globally, including 39 in Japan, which operate under the Atmos banner and Atmos pink, its women's brand.

Foot Locker said the deal will accelerate its global reach with a "highly strategic" foothold in Japan, the third largest economy globally, while extending the company's premium and top-tier offering.

WSS is an athletic-inspired retailer focused on the Hispanic consumer demographic, operating a fleet of 93 off-mall stores in key markets across California, Texas, Arizona, and Nevada. Foot Locker said it will benefit from WSS's "differentiated market position and complementary customer base and real estate portfolio".

"WSS's assortment of classic styles will further diversify Foot Locker's product mix, enabling the company to serve a broader range of consumer needs across price points," it added.