JD Sports Fashion expects to accelerate brand growth in Malaysia, Thailand and Singapore as it concluded an acquisition of non-controlling interest in these markets in the first half of FY23.

The UK-headquartered sports fashion retailer said it acquired the remaining 20 per cent of the issued share capital in JD Sports Fashion SDN BHD for £35.5 million (US$43.6 million), resulting in full ownership of its Malaysian subsidiary.

Meanwhile, the company closed eight stores in Asia Pacific as it withdrew from the South Korean market, but added four stores during the period, bringing the total number of stores in the region to 84.

Sports fashion revenue in Asia Pacific during the 26 weeks to July 29 grew 25.6 per cent organically to £230.9 million, while other retail fascias revenue in the region doubled to £1.4 million.

Globally, the company added 102 stores during the period, bringing its total number of stores to 3347. The company said it is on track to open more than 200 stores this year worldwide.

The group saw an 11.9 per cent organic growth in revenue to £4.78 billion. Profit before tax jumped 25.8 per cent to £375.2 million, reflecting performance of sports fashion and outdoor stores, while gross profit margin declined to 48.0 per cent.

“We are going to accelerate JD brand growth in Europe through purchasing the non-controlling interest in both ISRG and MIG, and the acquisition of GAP stores in France,” said Régis Schultz, CEO at JD Sports Fashion.

“This is alongside the proposed acquisition of Courir in the region, which will, when completed, enhance the group’s existing portfolio of complementary concepts, bringing into the company its market-leading focus on the female customer. Meanwhile, we are building and investing in talent and infrastructure to support future growth.”

The company has appointed Dominic Platt as CFO, effective this October, succeeding Neil Greenhalgh.