WeShoes Parent Tamuz Sahar Renews Bid to Acquire Shoresh Sandals
WeShoes parent company Tamuz Sahar has signed a new deal to acquire sandal maker Shoresh for tens of millions of shekels, submitting the merger to the Israel Competition Authority after a previous attempt failed in 2023.
Tamuz Sahar Group, the importer of Blundstone and Crocs shoes which also controls Kolnoa Hadash and WeShoes, has signed a new agreement to acquire Shoresh, the manufacturer of the popular outdoor sandals. The acquisition deal, estimated at tens of millions of shekels, has been officially submitted to the Israel Competition Authority for approval, with both parties hoping for a more favorable outcome than a previous attempt that collapsed three and a half years ago.
The renewed merger comes after significant structural changes at Shoresh, which sold its lucrative military division to the Rakia investment fund in August 2024 for 195 million shekels, valuing that branch at 385 million shekels. Following the divestment of its defense operations, Shoresh now focuses primarily on its core footwear and camping gear manufacturing, operating a plant in Tirat Carmel and a store in Migdal HaEmek with annual sales estimated at 20 to 30 million shekels and a net profit margin of 10%. WeShoes, owned by Amos Horowitz, operates a network of 120 retail shoe stores across the country alongside an active e-commerce platform.
During the previous merger attempt in 2023, the Competition Authority—headed by Michal Cohen, who still leads the agency today—expressed concerns that the tie-up would create excessive market power in the hiking sandal sector, potentially harming competition and driving up consumer prices. The companies hope that the separation of the military business will address these regulatory hurdles and pave the way for approval this time.
