Goi Goi founders reacquire retailer from JD Sports
The founders of streetwear brand Goi Goi are the latest to retake their business from JD Sports Fashion after the conglomerate put a percentage of its portfolio up for sale.
Goi Goi was founded in 1987 by Anthony and Christopher Donnelly and was initially acquired by JD back in 2013 when it fell into administration.
According to Drapers, the Donnellys have now bought the brand back “for a nominal sum”.
Speaking to the media outlet, Anthony said: “It’s [been] 17 years since we had our brand back independently. We pity those less fortunate than us who lost their brands [as they] couldn’t buy their brands back.”
It comes as JD Sports continues to reevaluate its business within the independent menswear sector, with it recently announcing the intention to refocus itself on its premium sportswear division.
As part of this move, the company recently offloaded its stakes in 15 brands to rival Frasers Group, including Tessuti, Missy Empire and Cricket.
Rascal Clothing, which was part of the initial deal, pulled out and instead was similarly snapped up by the brand’s founder Bill Wingrove.
Since then, JD has embarked on an ambitious retail expansion strategy, announcing plans to open between 250 to 350 stores a year over the next five years.