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JD Sports enters South Korean market with Hot-T investment

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JD Sports enters South Korean market with Hot-T investment

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LONDON (Reuters) – British sportswear retailer JD Sports Fashion <JD.L> 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 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.

(Reporting by James Davey, Editing by Paul Sandle)
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