DOMS Industries takes 51% stake in SKIDO Industries to expand into bag manufacturing
In a strategic move to diversify its product lineup and bolster its presence in the back-to-school market, DOMS Industries Limited, renowned for being among India’s rapidly growing stationery and art materials providers, has officially ventured into the bag manufacturing and retailing arena. This expansion includes an array of products such as school bags, pouches, and related accessories.
The Board of Directors of DOMS has green-lighted the acquisition of a 51% stake in SKIDO Industries Private Limited, marking a significant initial investment of ₹ 51,00,000. The Sehgal Family, equipped with extensive experience in the industry, will retain the remaining ownership stakes and manage the day-to-day operations of SKIDO, aligning with DOMS’ strategic vision. Post-acquisition, SKIDO is set to function as an autonomous entity, led by the co-founders, the Sehgal family, with Pranay Sehgal at the helm.
DOMS has been on a consistent quest to explore expansion avenues within product categories that resonate with children and young adults. By identifying bags as a synergistic addition to its existing portfolio, DOMS intends to broaden its market outreach and elevate consumer engagement levels.
Santosh Raveshia, the Managing Director at DOMS, highlighted the strategic essence of this acquisition, stating, “Our endeavor to enrich our product range to aptly serve the evolving needs of children and young adults remains paramount. This acquisition is a testament to our commitment, as we leverage our robust distribution network and brand prestige, complemented by the Sehgal Family’s proven expertise.”
Expressing excitement about the partnership, Mr. Pranay Sehgal, Director at SKIDO, remarked, “Joining forces with DOMS opens up a thrilling pathway to capitalize on their dominant industry standing and broaden our product spectrum. The formidable brand recognition and widespread distribution capabilities of DOMS are set to play a pivotal role in unlocking our full potential.”
This acquisition positions SKIDO to capitalize on DOMS’ established brand equity and distribution strength, aiming for accelerated growth within the school bags segment and effectively meeting the bag and pouch requirements of the DOMS Group’s Kits and Combos segment.