SKNL to demerge retail division into strategic business unit
15 Jan '07
1 min read
Textiles giant S Kumars Nationwide Limited (SKNL) is planning to launch retail stores, introduction of global brands and raise in production capacity for exports.
Firm's retail business will be demerged into a strategic business unit to gain distinct recognition within next few months. On January 11, 2007, SKNL took over the retailing division of its subsidiary Brandhouse Retails with an investment of Rs12.95 crores.
SKNL Vice Chairman and MD Nitin S Kasliwal informed the media that firm's board meeting will take up the demerger issue. He added that S Kumar will try to lure overseas brands into the country in coming years.
Company plans to raise the number of its exclusive brand stores countrywide from 90 at present to 1,000 in next three years.
SKNL will also invest Rs15 crores for capacity expansion to boost exports. Exports revenue of Rs50 crores is anticipated from US and EU markets.
To satisfy export demands, company maintains daily manufacturing capacity of 500 suits, 1500 trousers and 2000 shirts.