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S. Kumars & Emerisque get court approval to acquire Hartmarx
27
Jun '09
S.Kumars Nationwide Ltd has informed that the Company has purchased through their wholly owned subsidiary SKNL North America BV, in conjunction with its operating partner Emerisque UK, the Chicago (USA) headquartered clothing giant Hartmarx Corporation at a gross enterprise value of approximately US $ 120 million. SKNL will directly be investing US $ 35 million into this transaction.

This acquisition will add tremendous value to the SKNL group as Hartmarx is the largest formal-wear clothing company in the US and directly owns and / or controls (through licenses) 34 clothing brands Some of these Brands are leaders in their category.

This acquisition will enable the SKNL Group to establish a substantial footprint in the global clothing arena and will also bring significant volume of business to the existing SKNL Group operations in India through a "front-end back-end synergy" strategy.

S.Kumars

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