Mirza International Acquires Solethreads to Expand Footwear Segment

Mirza International has successfully acquired a complete 100% stake in Solethreads, a casual footwear startup. This acquisition marks a significant step into the semi-premium footwear market in India, uniting Solethreads’ youth-centric, digital-first approach with Mirza International’s established manufacturing and design expertise. The company opted not to release specifics regarding the transaction.

Solethreads was founded in 2020 by a team including Sumant Kakaria, Gaurav Chopra, Vikram Iyer, and Aprajit Kathuria. This company operates within the open and casual footwear sector, providing a range of products such as sneakers, slides, and flip-flops available through both online and offline channels. Based in Gurugram, Solethreads has successfully raised over $7 million in funding thus far. In July 2023, the startup completed a Series A funding round, securing $3.7 million, which was led by Fireside Ventures and included contributions from DSG Consumer Partners, Saama Capital, and notable angel investors like Nihir Nalin Parikh and Dhaval Nalin Parikh. Prior to this, Solethreads had secured approximately $3.5 million from DSG Consumer Partners and Saama Capital.

Future Directions Post-Acquisition

Following this acquisition, the focus will shift towards improving domestic manufacturing, enhancing product development, and expanding the brand’s offline presence, which includes opening exclusive brand outlets. Sumant Kakaria, CEO of Solethreads, expressed confidence in Mr. Mirza and his team’s ability to elevate the brand, stating that a long-term solution for in-house design and domestic production capabilities was essential as the founding team transitions.

Solethreads’ Growth Journey

Solethreads has achieved a remarkable monthly run rate of Rs 6 crore within just four years of its establishment. Although it began as a digital-centric brand, it has also made notable strides in offline retail expansion. By the year 2025, it aims to establish a presence in 600 Multi-Brand Outlets (MBOs) and to inaugurate eight Exclusive Brand Outlets (EBOs).

In reflecting on recent ventures, Tauseef Mirza noted that, in the past couple of years, efforts had been made to create several brands from the ground up, including Thomas Crick and Off The Hook, which enjoyed reasonable success. He emphasized the ambition to build a strong semi-premium brand within the casual footwear industry, affirming that Solethreads is perfectly positioned for this undertaking.

This acquisition arrives at a time of heightened activity in the Indian footwear industry, which is benefitting from a consistent demand for innovative, design-oriented products. This move follows earlier acquisitions in the market, such as Metro Brands’ purchase of Fila in 2022 and Ananta Capital’s acquisition of Bacca Bucci in 2025.