LONDON, Sept 15 (Reuters) - British sportswear retailer JD Sports Fashion has entered the South Korean market through a joint venture deal, it said on Friday.
JD said its agreement was with Shoemarker, a South Korean retailer of footwear, in relation to its J&S Partners unit, which currently trades as Hot-T.
The UK firm has purchased an initial 15 percent of Hot-T for 5.5 million pounds ($7.4 million) but has a call option to buy a further 35 percent stake following the finalisation of Hot-T’s year to Dec. 31 2017 accounts.
JD said it intends to exercise the option and re-brand the Hot-T stores as JD, though the business would continue to be operationally run by its existing management team. ($1 = 0.7461 pounds) (Reporting by James Davey, Editing by Paul Sandle)