Reid &Taylor news and archive

SKNL dragged to court for loan default

SKNL promoter Nitin Kasliwal has been declared a willful defaulter by most lenders. After nonpayment on more than Rs 5,000 crore loans S Kumars Nationwide, or SKNL, men's luxury clothing in India is headed for bankruptcy. A day after the election of US president Barack Obama in 2008, clothing company Hart Schaffner Marx put a marketing slogan on...

Apparel

S Kumars lenders mull legal action against default

A consortium of 12 lenders of cash-strapped apparel and fabrics major S Kumars Nationwide (SKNL) is considering legal action against it and its defaulting suiting brand Reid & Taylor in order to recover overdue loans of Rs 3,000 crores. The consortium includes State Bank of India, ICICI Bank, Corporation Bank, Punjab National Bank and IDBI Bank....

Apparel

S Kumars mulling Reid & Taylor sale

Promoters of cash-strapped textile maker S Kumars Nationwide Ltd (SKNL) are planning to sell a controlling stake in their subsidiary Reid & Taylor and deleverage the balance sheet. A decision to sell a majority stake in the marquee-suiting brand has already been taken and a formal sale process is expected to be taken in the coming weeks. About a...

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Reid & Taylor’s IPO slated for June

Reid &Taylor’s IPO, which is awaiting clearance from the Securities and Exchange Board of India (SEBI), may hit the market by June 2011. The IPO is likely to be launched with a valuation of nearly $1 billion and the issue is slated to be at about Rs 1,000 crores. SKNL (S Kumars Nationwide Limited), a leading textile and apparel manufacturing...

Apparel

Reid and Taylor files for IPO approval

The stage is set for Reid & Taylor (India) as it came up to the market regulator Securities and Exchange Board of India (SEBI) for approval of its plan to access the capital market in India with an initial public offer. In an official move towards the plan, Reid & Taylor (India) filed its Draft Red Herring Prospectus (DRHP) with SEBI at the...

Apparel

Reid & Taylor to venture into the US

SKNL has something to celebrate now that President Barack Obama is on its client list. Last year, SKNL acquired the Chicago-based US clothing company Hartmarx Corp that makes premium menswear and boasts of clients like the President himself. During Obama’s recent visit to India SNKL had put out ads in leading newspapers highlighting the US...

Apparel

Kasliwal to sell minority stake

Nitin Kasliwal and his family, owners S Kumars Nationwide Ltd (SKNL), will sell a minority stake of 10 to 12 per cent in their family holding company Anjaneya Holdings along with a part of their stake in fully-owned subsidiary Reid & Taylor (India) Ltd (RTIL) in a public offer by December. The funds will be used to repay a part of the company’s...

Apparel

SKNL's Q1 net sales grows

Textile and apparel major S Kumars Nationwide Limited (SKNL) has recorded net sales of Rs 11,911 million, an increase of 67.5 per cent. The company’s earnings before interest, depreciation, taxes and amortization increased by 39.3 per cent to Rs 2,255.1 million. Net profit (before minority interest) was up 25 per cent to Rs 771.9 million. Net...

Apparel

Reid & Taylor opens Bangalore store

Reid & Taylor, India’s leading menswear and suiting brand, has opened a showroom at Jaynagar, Bangalore. It offers a wide range of fabrics, ready-to-wear garments, accessories and custom tailoring. Reid & Taylor is India’s first premium brand that brings fabrics and ready-to-wear garments under one label. The ready-to-wear line encompasses...

Apparel

S Kumars to list Reid & Taylor

Textiles maker S Kumars Nationwide is looking to raise between $100 million to $150 million by listing its subsidiary, Reid & Taylor, in the next six months. The company is also talking to private equity firms to spin off its brand Belmonte. S Kumars currently holds about 75 per cent in Reid & Taylor, with Singapore’s GIC owning the rest. In...

Apparel

Executive movements in India's apparel industry

The year 2010 has heralded in several top level executive movements in the Indian apparel industry. Nitin Chhabra, till recently Senior Vice President at Reliance Brands, has quit the company to join Reid & Taylor as Business Head. Chhabra, had joined Arvind Brands in 2000 and in 2007, he quit as the Vice President Sales to join Darshan Mehta at...