Dick’s Sporting Goods to Acquire Foot Locker in $2.4B Power Play

Athletic retail giant aims to expand global reach by stepping into sneaker culture

UNITED STATES – In a bold move that could reshape the global sports retail landscape, Dick’s Sporting Goods has announced plans to acquire Foot Locker for approximately $2.4 billion. The merger unites America’s largest sporting goods retailer with one of the world’s most recognizable sneaker chains—marking a significant shift in both companies’ strategies.

While Dick’s has dominated U.S. markets, it has lacked international presence. Foot Locker, meanwhile, boasts 2,400 stores across 20 countries but has struggled with declining sales and the challenges of its mall-based model.

According to analyst Cristina Fernández of Telsey Advisory Group, the acquisition bridges two very different customer bases:

“Foot Locker brings a more urban consumer and exposure to basketball and sneaker culture, complementing Dick’s suburban athlete and family demographic.”

Still, investors were wary. Dick’s stock dropped more than 14% following the announcement, raising concerns about Foot Locker’s financial headwinds, including store closures and revenue declines.

Despite investor skepticism, Dick’s Executive Chairman Ed Stack emphasized Foot Locker’s cultural capital:

“We long admired the cultural significance Foot Locker has built. Together, we will better serve the evolving needs of global sports consumers.”

Foot Locker will retain its name and operate as a separate brand, the companies confirmed. Foot Locker CEO Mary Dillon added:

“This deal helps expand sneaker culture and elevates the customer experience for both shoppers and brand partners.”

Pending regulatory approval and a shareholder vote, the deal is expected to close in the second half of 2025.