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JD Sports ECONOMIC

ECONOMIC AUDIT UPDATED 2026-09-08
Economic Score 2.36 /10 C JD Sports - BDS-1000 516
Economic 2.36

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Domain: Economic
Entity scope: JD Sports Fashion plc (LSE: JD.). JD-corporate’s economic acts, including its former Israel joint-venture interest, acquisitions and capital, are in scope; third-party brands it retails and franchisees are distinguished from JD-owned operations.1, 2
Compiled: 2026-09-08
Method: Preserved audit with targeted live-web expansion and machine-captured provenance.

Supply Chain & Sourcing Relationships

JD Sports operates principally as a multi-brand retailer of third-party athletic goods, rather than as a manufacturer.1 Its current sourcing disclosure states that more than 84% of Group sales derive from leading third-party brands, including Nike, adidas, New Balance, VF Corporation, ASICS and Puma, while private-label goods represent about 4% of global product sales.3

No public evidence identified that JD-corporate directly procures goods, materials or finished products from Israeli suppliers, Israeli agricultural exporters, settlement suppliers, or suppliers operating in the occupied West Bank; its disclosed principal sourcing countries for own/private-label goods are India, Bangladesh and Sri Lanka.4 Country-level supplier and origin disclosures are insufficient to rule out indirect Israeli-origin inventory.4, 3

J.D. Israel Sports Fashion Ltd was a former local joint-venture entity, and the FY26 filing also lists JD Sports Fashion Israel (2021) Limited Partnership (trading) and JD Sports Fashion Israel Ltd (non-trading), both in Holon and each 60%-owned by the Group at 31 January 2026.5, 2 no public evidence identified that these entities sourced settlement-origin goods or that Israeli-origin goods entered JD’s global supply chain.5, 2

JD Sports Israel is not listed in the UN OHCHR database of business enterprises involved in Israeli settlement activity.6 The reviewed UN, OHCHR and NGO materials likewise did not identify JD Sports, but that result is document-scoped and does not establish the absence of all activity.6

Product Origin, Labeling & Regulatory Compliance

JD Sports Israel sold third-party branded inventory, including Nike, adidas and Puma goods; origin-labelling and product-compliance obligations for those goods principally rest with the brand-owner suppliers rather than JD-corporate.7 no public evidence identified of JD-corporate making product-origin representations specific to Israeli or Palestinian-territory goods, of settlement-origin goods, of “Produce of Israel” labelling issues, or of related customs or regulatory enforcement.7, 8

JD publishes a Supply Chain Transparency Statement under California Transparency in Supply Chains Act and UK modern-slavery-related obligations.9 The current statement addresses forced labour, supplier prequalification, compliance certification, audits and termination for breach, but does not address Israel, Palestine, settlements, product origin or territorial labelling.9, 8

Investment, Capital & Financial Exposure

Pentland Group and control: JD Sports Fashion plc is a UK-incorporated company, registered in England and Wales under company number 01888425, with its published address at Hollinsbrook Way, Pilsworth, Bury, Lancashire BL9 8RR.2, 10 Pentland Group Limited is JD’s immediate parent; Pentland Group Holdings Limited, a Jersey entity, is its ultimate parent; and the Rubin family is the ultimate controlling party through the Pentland structure.11 A 3 September 2026 TR-1 recorded Pentland Group Holdings Limited’s ultimate-chain holding at 55.9663%, with a 55.4176% direct/indirect voting-rights position notified through Pentland Group Limited as at 1 September 2026.12 The filing identifies no Israeli state or institutional owner.12

JD’s FY26 report identifies Andy Long as a Pentland executive director and Pentland shareholder representative on JD’s board, and records a legally binding relationship agreement with Pentland while stating that JD carries on its main activity independently from its controlling shareholder under the applicable UK listing-rule requirement.2, 11 Pentland is not an Israeli entity, and no public evidence identified of Israeli sovereign-wealth, state-linked or other material Israeli ownership of JD.13, 14, 12

JD Israel JV capital and disposal: JD entered Israel through a former 60% JD / 40% MGS venture, with MGS identified as M.G.S. Sport Trading Ltd, an Israeli importer linked to the Moliov/Moliaev family and Mega Sport.15, 16 A 2024 report described approximately NIS 40 million of initial investment and nine Israeli branches, which is secondary reporting consistent with the Group’s subsequently disclosed 60% interests.15, 17, 2

JD completed the disposal of its interests in the JD Israel joint-venture entities to MGS on 15 February 2026 for nil consideration.18, 2, 19 The audited FY26 report and FY26 results statement are the primary filings establishing the completion date, counterparty, nil consideration and a £4 million exit provision.2, 19 The £4 million provision related to settlement of JD’s share of a bank guarantee to an external lender of the venture that crystallised on disposal.2

The disposal establishes that JD no longer held the former equity interests after 15 February 2026, but the public filings do not enumerate or expressly negate retained trademark, supply, licence, franchise, service, lease-guarantee or other contractual arrangements.2, 19 no public evidence identified of a retained JD brand, franchise, supply, licence, royalty or other contractual tie with MGS after 15 February 2026.2, 19

Acquisitions and finance: JD’s disclosed acquisition programme includes Finish Line in the United States, Shoe Palace in the United States, DTLR in the United States, Hibbett in the United States and Groupe Courir in France; it includes no identified Israeli acquisition target.20, 2 no public evidence identified that JD acquired or controlled an Israeli manufacturer, consumer brand, technology company, infrastructure business or other Israeli operating business.20, 2

No public evidence identified of Israeli sovereign debt, Israel Bonds, defence finance or lending to settlement companies by JD.2 JD’s FY26 accounts describe a £1 billion syndicated revolving credit facility and do not name an Israeli entity in the identified borrower or cross-guarantee passages; this does not rule out all separate financial exposure.2

Operational Presence & Market Activity

JD-brand Israel operation: JD entered Israel in 2022 through a 60/40 joint venture with MGS, a jointly owned subsidiary with JD majority control rather than a franchise.21, 2 The first reported store was a duty-free unit at Ben Gurion Airport Terminal 3, followed by locations reported in Rishon LeZion, Eilat, Ashdod, Ra’anana, Nahariya and Yarka.22, 23 Secondary reporting described the estate as reaching approximately eight or nine stores, against an initial 50-store target.23, 17

The operation was reported to have faced underperformance, JD-HQ/Moliov disputes over localisation, inventory issues and the post-October-2023 security environment.24, 25 Operations were announced to cease from 1 February 2026, with six stores identified as closing, and JD formally disposed of its joint-venture interests on 15 February 2026 for nil consideration.24, 25, 26, 27, 2

No public evidence identified of a JD-owned store, warehouse, office, sourcing arrangement, distribution operation or Courir franchise in the occupied West Bank, East Jerusalem or Golan Heights.2, 28 The documented JD Israel entities were registered in Holon, and the known former JD store locations were within Israel’s pre-1967 territory.5, 22, 23, 2

Courir: JD completed the acquisition of Groupe Courir S.A.S on 27 November 2024, and the European Commission decision describes JD’s acquisition of 100% of Courir’s share capital and voting rights.29, 30 JD’s FY26 accounts record acquisition through JD France of 100% of Courir for €391.5 million (£326 million) on 26 November 2024; the one-day date difference from JD’s 27 November completion announcement is preserved in the source record.2, 29

Courir is identified by JD as a “Complementary Athleisure” fascia.31 At acquisition, JD recorded 323 Courir-bannered stores in France, Spain, Belgium, the Netherlands, Portugal and Luxembourg, alongside 36 franchise-agreement stores in North-West Africa, the Middle East and French overseas territories.2, 29 JD’s FY25 annual report expressly identified Israel among Courir franchise jurisdictions, establishing an Israel franchise historically at that reporting date.11

FY26 instead lists Courir franchise jurisdictions as Algeria, Egypt, UAE, Kuwait, Qatar, Côte d’Ivoire, Senegal, Morocco, Mauritius, Tunisia and French overseas departments, without listing Israel.2 no public evidence identified that establishes current Courir Israel franchise operations, their ownership, franchisee, store count, exact locations or termination date.2, 11, 29 The FY26 omission is evidence against treating an Israeli Courir franchise as current, but is not an express closure notice.2 The FY26 subsidiary schedule identifies 100%-owned Courir trading subsidiaries in Belgium, France, Spain, Italy, Luxembourg, the Netherlands and Portugal, and no Israeli Courir subsidiary appears in the retrieved list.2

GMG Middle East franchise: JD’s 2023 franchise agreement with GMG covers GCC states and Egypt only; it does not extend to Israel.32

No public evidence identified of an Israeli JD research-and-development centre, data centre, accelerator, factory or logistics hub.2

Corporate Structure & Foundational Ties

JD Sports Fashion plc is a UK-incorporated public company headquartered in Bury, Greater Manchester; it was founded in 1981, and Pentland acquired its controlling stake in 2005.33, 10, 34 JD’s own investor materials describe its origin as a single North-West England store in 1981.34

No public evidence identified that JD was founded in Israel, is headquartered or principally managed in Israel, is Israeli tax resident, holds Israeli PTE status, or is beneficially controlled by Israeli capital.2, 11, 10, 12 no public evidence identified of JD-corporate board members, executives or major shareholders holding material ties to Israeli state institutions, the IDF, Israeli defence or technology contractors, or Israeli sovereign funds.2, 11, 12

The Israeli operating vehicle J.D. Israel Sports Fashion Ltd was a private Israeli company, incorporated on 28 July 2021 in Holon.5, 28 MGS was the Israeli private joint-venture partner linked to the Moliov family and Mega Sport.15, 35 JD’s FY26 disclosure establishes the disposal to MGS, but no post-disposal official registry extract or transfer instrument was supplied to establish the current ownership, activity, dissolution or renaming status of the Israeli entities.2, 28

Profit Repatriation & Economic Contribution

During the Israel joint venture’s operation from 2022 to February 2026, JD-corporate held 60% interests and would have been entitled to its share of any distributed venture profits.15, 2 no public evidence identified of separately disclosed Israeli-market revenue, workforce, taxes, dividends, profit distributions or the quantum of dividends actually paid.36, 2

Israeli media reported that the operation was loss-making, which is consistent with the nil-consideration disposal and £4 million exit provision, although the filing does not disclose Israeli revenue or tax attribution.36, 37, 2 JD Sports Israel would have been subject to applicable Israeli corporate tax, VAT and other fiscal obligations while operating, but the amount of any contribution is undisclosed.36, 2

After 15 February 2026, the primary filings establish that JD’s former Israeli equity interests had been disposed of; they do not establish that JD receives no royalties, supply income or other contractual economic benefit from Israel.2, 19 no public evidence identified of any continuing JD revenue, profit, royalty or other economic benefit from Israel after the disposal.2, 19

Footnotes

  1. https://www.jdplc.com/esg/environment/sustainable-sourcing/default.aspx ↩ ↩2

  2. https://www.jdplc.com/wp-content/uploads/2026/07/2026-Annual-Report-and-Accounts.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20 ↩21 ↩22 ↩23 ↩24 ↩25 ↩26 ↩27 ↩28 ↩29 ↩30 ↩31 ↩32 ↩33 ↩34 ↩35

  3. https://www.jdplc.com/esg/environment/sustainable-sourcing/ ↩ ↩2

  4. https://www.jdsports.com/supply-chain-transparency-statement ↩ ↩2

  5. https://www.kycisrael.com/companies/516440567/j-d-israel-sports-fashion-ltd/ ↩ ↩2 ↩3 ↩4

  6. https://www.ohchr.org/en/press-releases/2025/09/un-human-rights-office-updates-database-businesses-involved-israeli ↩ ↩2

  7. https://finance.yahoo.com/news/jd-sports-israel-enhances-store-133740305.html ↩ ↩2

  8. https://www.jdsports.com/supply-chain-transparency-statement ↩ ↩2

  9. https://www.jdsports.com/supply-chain-transparency-statement ↩ ↩2

  10. https://find-and-update.company-information.service.gov.uk/company/01888425 ↩ ↩2 ↩3

  11. https://s204.q4cdn.com/980191062/files/doc_downloads/results_centre/2025/05/24467_JD_Sports_AR25_Web.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  12. https://www.jdplc.com/holdings-in-company-42/ ↩ ↩2 ↩3 ↩4 ↩5

  13. https://www.investing.com/news/company-news/pentland-stake-in-jd-sports-rises-to-549-after-buyback-93CH-4618011 ↩

  14. https://www.marketscreener.com/quote/stock/JD-SPORTS-FASHION-PLC-16860081/company/ ↩

  15. https://www.ynet.co.il/economy/article/s1gfbwq0h ↩ ↩2 ↩3 ↩4

  16. https://www.mako.co.il/finances-consumer/Article-b490dd01da7bb91027.htm ↩

  17. https://www.ynet.co.il/economy/article/s1gfbwq0h ↩ ↩2

  18. https://www.jdplc.com/investor-relations/regulatory-news/regulatory-news-details/2026/FULL-YEAR-RESULTS-202526-FY26/default.aspx ↩

  19. https://www.jdplc.com/?p=5593 ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  20. https://www.mmcginvest.com/post/jd-sports-the-sneaker-empire-reshaping-global-athletic-retail ↩ ↩2

  21. https://www.ynet.co.il/economy/article/s1gfbwq0h ↩

  22. https://retailtechinnovationhub.com/home/2024/8/12/jd-sports-israel-teams-with-wedev-technologies-on-complex-and-rewarding-launch-of-new-in-store-digital-kiosks ↩ ↩2

  23. https://www.ynet.co.il/economy/article/s1gfbwq0h ↩ ↩2 ↩3

  24. https://www.mako.co.il/finances-consumer/Article-b490dd01da7bb91027.htm ↩ ↩2

  25. https://www.ynet.co.il/economy/article/bybod2xb11x ↩ ↩2

  26. https://www.mako.co.il/finances-consumer/Article-b490dd01da7bb91027.htm ↩

  27. https://www.jdplc.com/investor-relations/regulatory-news/regulatory-news-details/2026/FULL-YEAR-RESULTS-202526-FY26/default.aspx ↩

  28. https://www.kycisrael.com/companies/516440567/j-d-israel-sports-fashion-ltd/ ↩ ↩2 ↩3

  29. https://www.jdplc.com/?p=5935 ↩ ↩2 ↩3 ↩4

  30. https://ec.europa.eu/competition/mergers/cases1/202449/M_11159_10409701_6735_4.pdf ↩

  31. https://www.jdplc.com/about-jd-group/our-fascias/complementary-athleisure/ ↩

  32. https://www.agbi.com/retail/2023/07/jd-sports-deal-for-50-middle-east-franchise-stores/ ↩

  33. https://en.wikipedia.org/wiki/JD_Sports ↩

  34. https://www.jdplc.com/investors/ ↩ ↩2

  35. https://www.ynet.co.il/economy/article/s1gfbwq0h ↩

  36. https://www.ynet.co.il/economy/article/s1gfbwq0h ↩ ↩2 ↩3

  37. https://www.jdplc.com/investor-relations/regulatory-news/regulatory-news-details/2026/FULL-YEAR-RESULTS-202526-FY26/default.aspx ↩