SKNL 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...

Business

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...

Business

SKNL appoints four new directors, keeps Kasliwal

After a clutch of shareholders led by Mumbai-based stockholder Bharat Patel called for an extraordinary general meeting (EGM) seeking the removal of S Kumars’ Chairman and MD Nitin Kasliwal over mismanagement of the company, S Kumars Nationwide Limited (SKNL) appointed four new directors representing the shareholder group. Yogesh Patel, Pradeep...

Apparel

SKNL named a major defaulter on bank loan

SKNL or S Kumars Nationwide owes Rs 3,000 crores to state-owned banks, this has forced UCO Bank to publish chairman Nitin Kasliwal's photos in national dailies as a defaulter. In May this year, Kolkata-based UCO Bank zeroed on Nitin Kasliwal, Chairman of S Kumars Nationwide. The bank published his pictures in leading newspapers, as a defaulter...

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

SKNL’s Q2 net profit down 86.54%

SKNL has announced its financial results for the period ended September 30, 2012 with net profit/loss of Rs 114.9 million for the quarter as compared to Rs 853.6 million for the quarter ended September 30, 2011, representing a decrease of 86.54 per cent. Total income was at Rs 15,034.7 million for the quarter ended September 30, 2012 whereas the...

Apparel

SKNL's American subsidiary files for bankruptcy

S Kumars Nationwide’s (SKNL) US subsidiary HMX Acquisition Corp, which owns brands like Hart Shaffner Marx has filed for a voluntary petition for bankruptcy (under Chapter 11) on October 19, 2012. Interestingly, brands Hart Shaffner Marx have a hi-profile clientele as both President Barack Obama and Republican Presidential candidate Mitt Romney...

Apparel

Alfred Dunhill denies media reports about exiting India business

Contrary to media reports doing the rounds in India about luxury brand Alfred Dunhill winding up its India operations, a statement sent by the company has strongly denied it. The statement says: “Alfred Dunhill Ltd. has no intention of exiting the Indian market place. We are proud and committed to our loyal Indian customers and look forward to...

Apparel

SKNL’s net revenue grows by 21.9%

Announcing an increase of 21.9 per cent to Rs 63,643 million in net revenues compared to Rs 52,229 million in the fiscal 2011, SKNL reported its financial results for the year ended 31st March, 2012. The net profits (before minority interest) increased by 20.0 per cent to Rs 4,708 million, as compared to Rs 3,925 million in the previous year. ‘...

Apparel

S Kumars’ Q3 profit up to Rs 91.12 cr

SKNL announced its financial results for the period ended December 31, 2011. The company has posted a net profit of Rs 91.12 cores for the quarter ended December 31, 2011 as compared to Rs 79.69 crores for the quarter ended December 31, 2010, representing an increase of 14.34 per cent. The total income was at Rs 1,651.48 crores for the quarter...

Apparel

SKNL a frontrunner to buy out Peacocks

Mumbai-based SKNL is in the race to acquire discount fashion chain Peacocks, after it went into administration in January with roughly £750 million of debt after losing the support of key backer Royal Bank of Scotland Group PLC (RBS). There are many other names interested in Peacocks including Edinburgh Woollen Mill and Pakistani textile...

Fashion

Branded garments rake in profits despite odds

It seems like Indian consumers have accepted the rise in prices of branded garments without much protest. As demand continues to rise and the results of top five textile companies have been better than last year. In fact, the results declared by top five companies have revealed an average 54 per cent rise in net profit, while the average...