S. Kumars Nationwide Ltd. (SKNL) is one of the leading textile and apparel
companies in India catering to various segments ranging from economy to
premium. The company has also extended its presence globally by acquiring
Leggiuno in Italy and Hart Schaffner Marx (HMX) in the U.S. In addition, it has
entered an 80:20 JV with Louis Vuitton (LVMH) in U.K., thereby creating a strong
portfolio with 45 owned and licensed brands. SKNL has a 74.4% stake in its
subsidiary, Reid & Taylor (valued at Rs3,514cr in 2008 by GIC), whose IPO, if hits
the market, may prove to be a re-rating trigger for the stock. We initiate coverage
on SKNL with a Buy recommendation.

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