SKNL’s marquee brand Reid & Taylor continues to suffer

As the owners of Reid & Taylor, S Kumars Nationwide (SKNL) continue to squib over ownership and control, the company’s marquee-suiting brand, which once had Bollywood superstar Amitabh Bachchan and James Bond star Pierce Brosnan as brand ambassadors, continues to suffer.

Positioned as a super-premium brand then, the company failed to sustain Reid & Taylor’s charisma as times changed. Reid & Taylor was launched by SKNL in India in 1998 with a fabric plant at Mysuru in Karnataka, which produces worsted and poly viscose suiting. SKNL, which owned rights to manufacture and market the brand here, touted it as the second largest suiting brand in India in the luxury segment. And it got a further boost when Singapore-based wealth fund GIC invested Rs 900 crores. Even SKNL planned an ambitious Rs 1,000 crores initial public offer (IPO) in 2011 but after the slowdown of 2008, the company had to call off its ambitious plans.

Experts point out that the company did nothing to grow Reid & Taylor in the country. In fact, its multiple acquisitions led to a debt of Rs 4,484 crores as of March 2013, causing the company to default on its interest commitments.