The Board of Directors of S.Kumars Nationwide Limited approved the subsidiarisation of the company's Reid & Taylor Division.
Reid & Taylor operated as a division of SKNL and is in the business of luxury textiles & ready–to-wear garments. The subsidiary, Reid & Taylor (India) Limited will focus only on the rapidly growing brand 'Reid and Taylor' - a luxury brand for men and will encompass the entire spectrum of male attire and presentation.
This wholly owned subsidiary will benefit from sharper business focus as a business entity and is aimed to consolidate Reid & Taylor's position at the higher end of the textile business. This subsidiary intends to capture a bulk of this rapidly growing, high profit margin segment.
This subsidiarisation step is a precursor to inviting private equity investors and then going public or directly doing an IPO in due course.
Commenting on the development Mr Nitin S Kasliwal, Vice Chairman & Managing Director SKNL said “SKNL has always remained at the forefront in giving its stakeholders and investors better returns.
By adopting a sharply focused approach through Reid & Taylor (India) Limited and the value that this subsidiary will unlock, our shareholders should enjoy greater wealth creation and returns, apart from the greater commitment to the growing luxury textile segment that we reiterate through this move.”
S Kumars Nationwide Limited
marketing@alchempro.com
