Global investment giant 3G Capital and Singapore’s sovereign wealth fund GIC have approached the Competition Commission of India (CCI) for clearance to acquire global footwear behemoth Skechers as part of a multibillion-dollar takeover to privatise the company.
In a June 26 filing, the parties revealed that 3G Capital affiliates, namely Beach Acquisition Co Parent, LLC and Beach Acquisition Merger Sub, Inc, plan to acquire full ownership and sole control of Skechers indirectly through a merger agreement entered into on 4th May 2025.
GIC has also sought regulatory approval to invest capital that would part-fund the purchase. After the deal, the Singaporean fund will earn certain shareholder rights in the newly private Skechers company.
The firms pointed out that the transaction is within the ambit of Section 5(a)(i)(A) of India’s Competition Act, 2002, which sets out compulsive approval thresholds for large mergers and acquisitions. Nevertheless, they contended that the precise demarcation of the relevant market may be left ambiguous since the transaction will hardly have any ‘appreciable adverse effect’ on competition in India.
The action comes after Skechers USA Inc., said in May it had agreed to a US $ 9.4 billion takeover by 3G Capital. The deal is slated to close in the third quarter of 2025, when Skechers will no longer be listed on the New York Stock Exchange and will become a private company.
Skechers, based in the United States, is the world’s third-largest footwear brand. It designs, develops and sells a wide portfolio of lifestyle and performance products across footwear, apparel and accessories in more than 180 countries, including a growing presence in India.
