Textile manufacturer S Kumars Nationwide has acquired US clothing company Hartmarx Corp for about $120 million, the company said in a notice to stock exchanges on Saturday.

The company acquired Chicago-based Hartmarx through its US subsidiary SKNL North America BV, along with its operating partner Emerisque UK, the company said. SKNL will directly be investing $35 million into this transaction, it added.

"This acquisition will add tremendous value to S.Kumars Nationwide group as Hartmarx is the largest formalwear clothing company in the US and directly owns and/or controls (through licenses) 34 clothing brands," the company said.

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