Mumbai, June 29, 2009 -- S. Kumars Nationwide Limited (SKNL), pioneers in manufacturing and distributing branded textile and ready-to-wear clothing, announced that its wholly owned subsidiary, SKNL North America B.V. along with its operating partner have successfully bid for the acquisition of Hartmarx Corporation. The United States Bankruptcy Court for the Northern District of Illinois on June 26 approved the sale of substantially all of the assets of Hartmarx Corporation for a total transaction value of approximately $119 million. The US Court, with the unanimous support of Hartmarx and its lenders, agreed that SKNL and its operating partner’s bid is in the best interest of the Hartmarx estate and all of its stakeholders. The transaction is expected to close during July 2009.

Once the transfer of assets is complete, SKNL and its operating partner look forward to revitalizing the iconic American brands that constitute the Hartmarx portfolio.

Commenting on the acquisition, Mr. Nitin S. Kasliwal, Managing Director and Vice Chairman of SKNL said, “We are delighted to add Hartmarx to our business portfolio. This acquisition is in sync with SKNL’s corporate motto of being the ‘clothiers to the nation today, the world tomorrow’. In line with our strategy, this acquisition will enable SKNL to significantly enhance its global footprint. Hartmarx directly owns or controls 34 brands making us very excited about opportunities that lie ahead. The acquisition will enable SKNL Group establish a substantial footprint in the global arena and also bring significant business volumes to the SKNL Group operations in India through a ‘front-end back-end synergy’ strategy.

India’s intrinsic strength in textiles can only gain momentum if Indian companies form synergistic alliances with textiles and apparel companies from all over the world. Lately we have been doing just that – bringing global apparel and textile brands like Reid & Taylor, Stephens Brothers, Dunhill and Oviesse to India. The Group is continuously searching for alliances and acquisitions that fit in with its growth strategy and thereby creating value for its shareholders.

On January 23, 2009, Hartmarx, one of the last remaining American clothing manufacturers and known best for dressing President Barack Obama, announced that 50 of its wholly-owned U.S. subsidiaries had filed for protection under Chapter 11 of the United States Bankruptcy Code. Prior to court approval of Hartmarx’s acquisition by a consortium of SKNL and its operating partner, a competitive bidding process was conducted to achieve the highest possible value for Hartmarx’s stakeholders. As per US regulations, the SKNL led consortium was endorsed by Hartmarx management as its preferred buyer – also known as the “Stalking Horse Bidder” on June 1. On June 22, 2009, Hartmarx received five bids for its assets under the bankruptcy proceedings.

Hartmarx produces and markets business, casual and golf apparel under its own brands, including Hickey Freeman, Hart Schaffner Marx, Coppley, Monarchy, and Exclusively Misook. In addition, Hartmarx has certain exclusive rights under licensing agreements to manufacture and market selected products for premier brands such as Austin Reed, Ted Baker, Bobby Jones, Jack Nicklaus, Claiborne, Pierre Cardin, Lyle & Scott, Golden Bear and JAG Jeans. Hartmarx’s broad distribution channel includes all of the leading US department stores, fine specialty stores value oriented retailers and direct mail catalogues.

Over the past few years, SKNL has been growing rapidly, both organically and inorganically.. Said Anil Channa , Deputy Managing Director of SKNL Group, “We see great merit in this acquisition in terms of value, synergy and global perception. This will add a further step in our aim to become clothiers to the world.”

About SKNL:
SKNL is India's leading textile and apparel company and country's only textile major that operates in all product categories, - Fabrics, Apparel and Home Textiles, all fiber categories (natural, man made and blended) and caters to all socio economic segments of the Indian market. World class manufacturing facilities, a capacity of producing over 2,00,000 meters/day, 30,000 outlets across the country, popular household brands like Reid & Taylor, Belmonte, S.Kumars, Carmichael House; and strong and efficient teams that lend strength to the company's performance. The major SBUs of SKNL include Consumer Textiles, Ready-to-wear, Home Textiles, Luxury Suitings and High Value Fine Cotton.

About Hartmarx:
Hartmarx is the largest men’s formal-wear clothing company in the US and is a leading American producer of luxury apparel. Established in 1887 as Hart Schaffner and Marx, the Company is synonymous with high quality elegant clothing both for men and women and directly owns or controls 34 brands. Hartmarx brands include iconic American brands such as Hickey Freeman and Hart Schaffner Marx – worn by President Barack Obama, leading women’s lifestyle brands like Exclusively Misook, Monarchy, Christopher Blue and licenses for leading tailored clothing brands Austin Reed, Ted Baker, Clairborne and Pierre Cardin. Hartmarx also licenses leading golf wear brands Bobby Jones, Jack Nicklaus and Golden Bear.