The Board of Directors at one of India’s fastest-growing providers of stationery and art materials, DOMS Industries, have approved the acquisition of 51% stakes in SKIDO Industries, a bag manufacturing and retail company, for an initial investment of Rs 51,00,000.
As part of this acquisition, DOMS industries aims to fortify its presence in the back-to-school market and venture into the manufacturing and retailing of bags, including school bags, pouches, and related items.
With this development, the remaining ownership of 49% shares of SKIDO Industries lies with the Sehgal family who will oversee the day-to-day operations of SKIDO under DOMS’ strategic direction.
That being said, even after the acquisition, SKIDO will continue to operate as an independent entity, helmed by the co-founders, the Sehgal family, led by Pranay Sehgal.
Having identified bags as a complementary category to its existing offerings, DOMS aims to widen its market reach and enhance consumer engagement via this acquisition. SKIDO, on the other hand, intends to leverage DOMS’ brand equity and distribution prowess to accelerate growth in the school bags segment and cater to the bag/pouch needs of the DOMS Group’s Kits and Combos segment.
Emphasizing on the strategic importance of this acquisition, Santosh Raveshia, Managing Director, DOMS Industries, said, “Expanding our product range to better cater to the needs of children and young adults has been a priority for DOMS. This investment aligns seamlessly with our vision, leveraging our distribution network and brand reputation to deliver high-quality products, supported by the expertise of the Sehgal Family.”
To this, Pranay Sehgal, Director, SKIDO Industries, added, “Collaborating with DOMS presents an exciting opportunity for us to leverage their industry-leading position and expand our product offerings. DOMS’ brand recognition and expansive distribution network will be instrumental in realizing our full potential.”
