While Skechers has bought out its India JV partner Future Group, ShopX has acqui-hired GabbarDeals. Also, TeamLease is acquiring the IT staffing operations of eCentric Solutions, and Lohia Group has bought Israeli firm Light and Strong.
Skechers buys out Future Group stake in India JV
Skechers U.S.A. has bought out its joint venture partner in India by acquiring minority in the company from Future Group, making the business a wholly owned subsidiary of Skechers U.S.A. While the financial details of the deal were not disclosed, a report in The Economic Times said Skechers paid nearly Rs 580 crore for the 49 per cent stake that it doesn’t hold in the JV. According to an official statement, the Skechers India subsidiary will continue operating in its existing structure from its current headquarters in Mumbai.