Kohls sportwear has been sold to UK-based sports-goods company Excel Sportswears for an undisclosed sum.
The deal, which was announced today (Wednesday), will see Kohls take control of the sports-wear business, which includes the KOHl brand, as well as an array of sports and leisure goods brands.
It will be Excel’s first acquisition.
Kohls already has a strong presence in the UK with the launch of its new Kohls Sportsman range in April.
Kohl’s is one of the most well-known brands in the sporting goods industry, which has been growing at a steady clip in recent years.
Its sports and lifestyle brands include Nike, Adidas and Puma, among others.
In a statement, Kohls said it had “a long and passionate relationship” with Kohls, which started in the late 1970s and is the company’s “core identity”.
“The Kohls brand has a long and proud history, and we are delighted to be joining forces with the Excel family to help grow the business for future generations,” said the company.
“The company has a proven track record of delivering high-quality sports, leisure and consumer goods and we look forward to working with Excel Sportshoes to build a successful brand.”
The deal will be subject to approval by the UK’s Competition and Markets Authority.
The sports-swear business includes brands including Adidas, Nike and Pampers, among many others.
It has seen significant growth in recent times.
In 2016, the number of products sold increased by more than 50 percent compared to the previous year, with annual sales up 28 percent to £13.4bn.KOHL also said it planned to “take a long-term approach” to its business.
The business, whose business is set to expand in 2020, is owned by Kohls Group, a unit of Swiss private equity firm Kohlberg Kravis Roberts.