S Kumars board to discuss US textile firm acquisition
The board of S Kumars, the textile major, will meet on November 9 to consider and discuss the acquisition of American Pacific, a US-based home textile company.
While the exact size of the deal is unclear, S Kumars is believed to have valued the company at Rs 450 crore.
If the deal goes through, it would give S Kumars access to retail outlets in the US, which could then be utilised for its own brands and also give access to the company’s manufacturing facilities in China.
The San Francisco-based company supplies home, bath and bed products to brands, such as Liz Clairborne, Nautica and Dockers, apart from retailing home textiles under its own brand.
It is a major supplier of fashion home furnishings to speciality and department store retailers. American Pacific has sourcing offices in China, India, Pakistan and Turkey.
S Kumars had recently launched its home textile brand Carmichael House in India and plans to open 32 retail outlets by the end of this financial year.
Once the acquisition is through, it would be the third international acquisition by an Indian company in the home textile space this year.
In December, GHCL had acquired Dan River, an American home textile company, followed by the UK-based Rosebys in July.
Earlier this year, Welspun India had picked up 85 per cent in CHT Holdings, UK, the holding company of terry towel brand Christy.
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