Sporting goods retailer Dick’s Sporting Goods has acquired Foot Locker in a $2.5 billion deal set to close in the second half of 2025.
Foot Locker is a New York-headquartered footwear chain with over 2,400 stores worldwide.
The footwear giant has expanded its retail footprint globally, with locations in around 20 countries in North America, Europe, Asia, Australia, New Zealand, and the Middle East.
Mary Dillon, CEO of Foot Locker, said: “By joining forces with Dick’s, Foot Locker will be even better positioned to expand sneaker culture, elevate the omnichannel experience for our customers and brand partners, and enhance our position in the industry.”
Moving forward, Dick’s Sporting Goods will run Foot Locker as a standalone unit and will oversee the brands under its portfolio, which includes Kids Foot Locker, Champs Sports, WSS, and Atmos.
Ed Stack, Executive Chairman of Dick’s Sporting Goods added: “We have long admired the cultural significance and brand equity that Foot Locker and its dedicated Stripers have built within the communities they serve.
“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.”
This acquisition aims to expand Dick’s Sporting Goods’ customer outreach and leverage Foot Locker’s large customer base.
The deal comes amid financial struggles for Foot Locker which reported disappointing earnings for 2024, with total revenue dropping to $7.9 billion from $8.1 billion in the year prior.
The footwear retailer is undergoing a turnaround strategy that involves revamping its fleet to improve its falling sales.
Footwear giant Skechers was also acquired recently by 3G Capital and will transition to a private company following its acquisition.
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