S Kumars plans to sell Reid and Taylor apparel range in US
Textiles and apparel firm S Kumars Nationwide Ltd (SKNL), which boasts of high profile customers like US President Barack Obama, today said it will be taking its Reid & Taylor apparel range to the American market next year.
"We are planning to take Reid & Taylor to the US in the next 6-8 months and develop designs suited for that market," SKNL Director Ashesh Amin told PTI. He said currently Reid & Taylor fabric is being sold in the US, but the firm plans to sell ready-made apparel at exclusive stores and multi-brand retail points.
The brand's apparel range includes suits, jackets, trousers, shirts, ties, T-shirts, jeans and accessories. Last year, SKNL had acquired US-based clothing company Hartmarx Corp that makes menswear. According to SKNL, the customer list of 'Hart Schaffner Marx' suits includes high profile names such as President Obama.
During Obama's recent visit to India, SNKL had put out ads on leading newspapers highlighting the US president wearing the company's 'Hart Schaffner Marx' suit. "President Obama has been a customer of Hartmarx even before SKNL acquired it," Amin said.
In India, SKNL is in the process of listing its subsidiary Reid and Taylor Ltd, for which it has already filed a draft prospectus to raise over Rs 1,000 crore. "We could utilise the funds to expand manufacturing capacity, increase number of stores across India along with global expansion," he said.
SKNL is also likely to tie-up with top global apparel brands to launch their labels in India, Amin said. "Very soon we hope to launch international brands into India and are talking to three of the top five apparel retailers in the world to bring them here," he said without naming them.
Besides Reid & Taylor, SKNL also has brands such as Belmonte, S Kumars, Stephens Brothers and World Player in India, along with home textile brand--Carmichael in its portfolio.
SKNL posted net profit of Rs 77.89 crore and sales of Rs 1,211.42 crore in the quarter ended September 30, 2010.
