DLA Piper has advised JD Sports Fashion Plc (JD), a sports, fashion and outdoor brands retailer, on a joint venture (JV) with Shoemarker Inc (SMK), a South Korean retailer of footwear, in relation to J&S Partners Inc, a company owned by SMK, which currently trades as the multibranded Hot-T fascia (Hot-T).

JD has acquired an initial 15 percent in Hot-T for a cash consideration of approximately £5.5 million. As part of the JV, JD has a call option, exercisable at JD's discretion, to acquire a further 35 percent share in Hot-T following the finalisation of Hot-T's accounts for its financial year ending 31 December 2017.

SMK operates two retail businesses, Shoemarker (a multi-branded footwear retailer in the sporting goods sector of the market) with 114 stores in South Korea and Hot-T (a multi-branded footwear retailer in the athletic specialty sector of the market) with 23 stores in South Korea.

John Gallon, Corporate partner at DLA Piper, who led on the transaction, said: "The retail market in South Korea continues to attract attention from retailers driven, in part, by a rise in disposable income. With access to 50 million more shoppers, this was a strategic move by JD. JD is a very important client of the firm and we are happy to have assisted in this latest step in the company's global expansion."

The DLA Piper team was led by John Gallon and included associates Richard McGlasham and James Sampson, both from the Corporate group in Leeds.