Decathlon has just bought Intersport in Spain. And with this, a business model closes: multi-brand sports retail.
Decathlon has notified the CNMC the acquisition of Intersport CCS in Spain. The operation would add some 120 stores (30 owned and 90 franchised) to the 176 stores that Decathlon already operates in the country. Now the regulator You have one month to make a statement in first phase. Why is it important. This purchase closes one business model and consolidates another: Intersport represented the retail traditional sports: multi-brand, with Nike, Adidas, Puma and company on its shelves. Decathlon is the opposite: the own brand (Van Rysel, Quechua, Kiprun…) is what dominates, with mainly low prices, or at least lower than those of the big brands, and total control of the value chain. The first has gone bankrupt and the second keeps its locations. The background. Intersport entered bankruptcy in March 2025 with a debt of between 14 and 30 million euros. Tried to get 70% cuts with banks like BBVA and Sabadell, and with suppliers like Nike and Puma, but it didn’t work. In November, Intersport France bought the business for 300,000 euros and now it is Decathlon who takes it entirely. Between the lines. The battle of retail sports is no longer so much about what brands you sell as about how many square meters you control and what you sell within. The big sports brands have opted for direct sales to the consumer (Nike closing distributors, for example, although he got a frog). Intersport was trapped selling brands that no longer needed it to reach the customer, without great differentiation of its own and with very high inventory costs. Nike and Asics are not Kalenji and Artengo. Yes, but. Decathlon buys Intersport largely because it buys key locations before they are occupied by Amazon, Shein (which is about to physically disembark in Europe) or any other e-commerce actor that needs a physical presence at least to facilitate returns and collections. In it retail 2026, the physical store continues to be differential, but only if you sell products that cannot be easily purchased online. A Van Rysel cycling set is not on Amazon. Some Nikes, yes. The contrast. This is not very different from what happens in the food sector: Mercadona dominates because it sells its few own brands and controls the chain. Multi-brand supermarkets (those that only distribute) are in a more complicated position. He retail sports follows the same pattern: consolidate or die. Stores without their own identity tend to disappear. And now what. If the CNMC approves the operation, Decathlon will reinforce its hegemony in Spain. But the news is not so much the number of stores as the model that remains standing. In 2026, those who control what they produce, how they sell it, and where they distribute it survive survive. The rest is noise. In Xataka | Wallapop taught us how to sell used things. Decathlon has learned to make money with it Featured image | Decathlon, Intersport
