, which turned over pounds 667m last year, bought Hartmarx Corporation, an occasional tailor to President Obama, in partnership with British investment firm Emerisque Brands.
Kumars Nationwide Limited (SKNL), is engaged in manufacturing of premium worsted and luxury suiting fabric under the Reid & Taylor brand, and ready to wear garments under the Reid & Taylor and Stephen Brothers brands.
SKNL hived off its luxury textiles business unit comprising manufacturing and sales of suiting fabric and garments under the Reid & Taylor brand to a separate 100% subsidiary, RTIL, in January 2008.
Since then, SKNL
has seen a sharp rise in its fortunes with net profit growing every quarter.
While S Kumars Nationwide Limited (SKNL
) may not be a familiar name to UK consumers, it is a major textiles and clothing retail business.
'Brands have realised that for garments priced between USD7 to USD11 in Indian retail stores, it makes no sense to bring them from outside', said Ashesh Amin, president apparel and retail, of the SKNL Group, 'the duty is so high that the entire margin disappears'.
In May this year, SKNL entered into a licensing agreement to design, source, manufacture and distribute the entire range of DKNY menswear across the world, except Japan.
However, reports have suggested that two of the three are Indian firm SKNL
and Pakistani textile mogul Alshair Fiyaz.
Reports suggest Indian firm SKNL
and Pakistani textile mogul Alshair Fiyaz have made separate bids for the fashion chain, which went into administration with debts of pounds 750m last month.
However, reports have suggested that one of the three is Indian firm SKNL
and another is Pakistani textile mogul Alshair Fiyaz.