KUALA LUMPUR: Ekuiti Nasional Berhad (Ekuinas) has acquired a controlling stake in Shellys Marketing Sdn Bhd, the operator of homegrown footwear brand XES Shoes, to support the brand’s nationwide expansion plans.
Ekuinas chief executive officer (CEO) Aliff Omar Mohamad Omar said the investment reflects the government-linked private equity company’s continued focus on advancing local companies with strong growth potential.
"Malaysia’s store-based retail industry is projected to reach RM365.9 billion by 2029, growing at a compound annual growth rate of approximately 6.0 per cent from 2024 to 2029, placing XES Shoes in a strong position to tap into the sector’s growth opportunities,” he said in a statement.
Aliff Omar said Shellys Marketing has built a solid, scalable platform in the domestic retail space, supported by a proven business model tailored to Malaysia’s value-driven consumer segment and significant expansion opportunities in underpenetrated states.
"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, as we continue to back and scale strong Malaysian brands into leading national players,” he said.
Meanwhile, Shellys Marketing CEO Simpson Wong said the company sees further opportunities to expand its reach nationwide following the opening of its 156th outlet in Sungai Siput, Perak.
"We have grown steadily with a clear vision to make XES Shoes a trusted and go-to household footwear brand for Malaysians.
"Our focus has always been on delivering comfortable footwear to our customers, supported by strong retail operations, technical know-how in footwear, efficient value chain management, and continuous product innovation,” he said.
Founded in 2002, XES Shoes has expanded from a single outlet in Wangsa Maju to a nationwide retail network spanning nine states, offering more than 1,000 products, including career, casual, and sport-style footwear. - Bernama
