Rant Sports Parent Closes $3M Round Of VC KKR Withdraws IMG Bid Bornstein, Shapiro Advising Competing Bids For IMG CAA Out Of Hunt For IMG Disney Reports Higher Q4 Earnings Second Round Of Bids For IMG Were Due Thursday Adidas' Q3 Operating Profit, Sales Drop 21st Century Fox Revenues Exceed Forecasts SMI Sees Ticket Sales Decrease In Q3 Chime Communications Buys JMI For $76M
SPORTING GOODS RETAILERS MERGE TO JOIN E-COMMERCE SITES
Published May 10, 1999
PA-based Global Sports announced the formation of Global Sports Interactive (GSI), which has signed long-term e-commerce outsourcing deals with The Athlete's Foot, Sports & Recreation, MC Sports, Sports Chalet and one other retailer with annual sales over $200M (GSI). In N.Y., Saul Hansell writes that "few industries have undertaken such joint efforts" in selling products online. Under the partnership, GSI will use "common software, inventory and shipping operations" and "put up all the capital, pay all the expenses and take all the risk of owning inventory," but has "the potential to earn nearly all the profits." GSI will pay a royalty to each company of "less than" 10% of sales under its brand. The groups will work together to increase awareness of the partnership. GSI Exec VP/E- commerce Michael Golden: "Every retailer who works with us is obligated to put the Web site address in every ad." GSI "hopes to start" the sites for the retailers and "possibly others" in October (N.Y. TIMES, 5/10).