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India textile and apparel major S Kumar Nationwide (SKNL) is now close to acquiring Scottish fashion chain, Internacionale. SKNL will buy out the firm for an unrevealed sum to shore up its international luxury brand portfolio. SKNL promoted by Mumbai-based Kasliwal's, already retails Alfred Dunhill and Escada in India and owns the Reid and Taylor, Carmichael House and Belmonte brands.
International media, earlier last month had reported that Internacionale and its sister company, AU Naturale collapsed amid a cashflow crisis. If SKNL acquires the Glasgow based fashion chain, then it will be the Indian company’s second acquisition in Scotland. In 1997, SKNL acquired Dumfriesshire-based cashmere maker Reid & Taylor.
Nitin Kasliwal, S Kumar’s MD and VC maintained that so far no deal has taken place with Internacionale but they are looking at several international options. SKNL has in the meantime informed the Bombay Stock Exchange (BSE) that it has convened a board meeting on June 16, to approve an international business acquisition.
Nitin Kasliwal, S Kumar’s MD and VC maintained that so far no deal has taken place with Internacionale but they are looking at several international options. SKNL has in the meantime informed the Bombay Stock Exchange (BSE) that it has convened a board meeting on June 16, to approve an international business acquisition.
