Jul. 1, 2009 (The Hindu Business Line) --

Ahmedabad, July 1 Textile major Arvind Ltd terminated its business agreements with US-based Hartmarx Corporation (OOTC:HTMXQ) following the latter’s filing of bankruptcy and taking over by S Kumars Nationwide Ltd.

Arvind was about to launch three brands of Hartmarx – Hart Schaffnar Marx, Sansbelt and Pierre Cardin – but the termination is not expected to affect the company’s product portfolio, according to Mr J. Suresh, Chief Executive Officer, Brands and Retail. “We realize that the country was not ready for the brands as yet and the termination will not affect us strategically,” he said.

The company has recently launched US Polo Association and is focusing on the launch of Izod in the next three months. How to fill the gap made by the removal of the three brands is something the company will decide later, he added.

Hartmarx, known for dressing up the US President, Mr Barack Obama, filed for bankruptcy on January 23. It is one of the largest formal wear clothing companies in the US and owns or controls 34 clothing brands.

Arvind Ltd closed on the BSE on Wednesday at Rs 26.80 (Rs 26.20), up by 2.29 per cent.