KUALA LUMPUR (May 20): Ekuinas said on Wednesday it has acquired a controlling stake in the owner of homegrown footwear brand XES Shoes.

The investment in Shellys Marketing Sdn Bhd will support the company’s expansion as well as strengthen its retail and online commerce presence, the Malaysian state-owned private equity firm officially known as Ekuiti Nasional Bhd said in a statement. Transaction details were not disclosed. 

“This investment reflects Ekuinas’ continued focus on advancing homegrown companies with strong growth potential,” said Aliff Omar Mohamad Omar, chief executive officer of Ekuinas.

The investment comes as Shellys Marketing opened its 156th outlet in Sungai Siput, Perak. Founded in 2002, the company now sells more than 1,000 products across mass-market, lifestyle and activewear segments.

Shellys Marketing operates through a multi-format store strategy, centred on affordable outlet and studio formats in hypermarkets complemented by premium and signature stores in shopping malls.

The company still has “significant headroom” to expand into underpenetrated states, Aliff Omar said.

“We will work closely with the management team to strengthen its operating model, broaden its retail and online footprint and deepen its reach within the mass market,” he added.