News

RIMINI, Italy (July 30) - Giacomelli Sport has taken over Longoni Sport, the third biggest chain in Italy. Upon this purchase Giacomelli is to become Italy's largest sports retailer with an € 500 million planned turnover, up from € 250 million in 2001. It now has a 14.6% market share in Italy. Longoni operates 22 megastores on 40,000 m² net sales floor space. Giacomelli operates 115 megastores throughout Europe; an online sales website www.giacomellisport.com and its new Xport chain with 16,000 m² sales space in 2005. The Italian sports retail giant will pay € 76 million for 100% of its shares and take over Longoni's € 42 million debts. The transaction is to be financed through € 100 million bond offering. During its annual review Giacomelli president Gabriella Spada said: " We will continue our organic growth based on synergic use of the various brands through the increase of our network and overall merchandise mix." Giacomelli plans to expand its chain to 139 stores Recently the sports retail giant entered the STAR big caps listing at the Milan Stock exchange, just one year after its IPO. Rumours revealed, that other chains, such as Decathlon, Go Sport and JJB Sports appeared to be interested in Longoni, but withdrew on its high take-over price. (FN)