Fourlis Group announced on Thursday that it agreed on the purchase of the retail stores network of Intersport in Turkey, according to an official statement.
The agreement includes the acquisition of the franchise rights and the establishment of the company Intersport Atletik A.S. In the new company, Fourlis Group participates with 75% through the Greek subsidiary Intersport Athletics S.A. and it has the management control, while the current owner will hold the remaining 25%.
Upon the signing of the agreement, Fourlis Group acquires 20 Intersport stores currently operating in Turkey. The Group΄s target is to expand the store network in Turkey to over 50 stores in the next 5 to 8 years. It is worth mentioning that Turkey has a population of approximately 70 million people, 60% of which are under the age of 34.
Fourlis Group operates today a network of 55 Intersport stores in Greece, Romania, Bulgaria and Cyprus, while the total number of stores, including Turkey, will increase to 75. The agreement in Turkey is of a strategic importance and the initial investment for the Group will be EUR10mn approximately.
The agreement includes the acquisition of the franchise rights and the establishment of the company Intersport Atletik A.S. In the new company, Fourlis Group participates with 75% through the Greek subsidiary Intersport Athletics S.A. and it has the management control, while the current owner will hold the remaining 25%.
Upon the signing of the agreement, Fourlis Group acquires 20 Intersport stores currently operating in Turkey. The Group΄s target is to expand the store network in Turkey to over 50 stores in the next 5 to 8 years. It is worth mentioning that Turkey has a population of approximately 70 million people, 60% of which are under the age of 34.
Fourlis Group operates today a network of 55 Intersport stores in Greece, Romania, Bulgaria and Cyprus, while the total number of stores, including Turkey, will increase to 75. The agreement in Turkey is of a strategic importance and the initial investment for the Group will be EUR10mn approximately.
