20 January 2026, Mumbai
Raymond Lifestyle (RLL) has finalized a significant leadership reset as it enters its 100th year of operations, appointing industry veterans Satyaki Ghosh as CEO and Thomas Varghese as Advisor to the Chairman. Effective January 2026, this strategic recruitment fills a vital vacuum following the exit of former head Sunil Kataria. Ghosh, who previously managed a $350-million global portfolio at Grasim Industries, is tasked with executing a massive retail footprint expansion, while Varghese - a retail heavyweight with four decades of experience - will mentor the board on complex P&L strategies. The moves signal a shift from operational transition to aggressive market capture in a landscape increasingly defined by premiumization and digital integration.
Aggressive retail targets amidst strong financial recovery
The leadership change coincides with a robust fiscal rebound. In Q2 FY2025-26, Raymond Lifestyle reported a 78.3 per cent Y-o-Y increase in net profit to Rs 75.19 crore, alongside a 7.5 per cent revenue growth to Rs 1,865.43 crore. These figures are bolstered by a high-performing domestic network of over 1,675 stores. The company has outlined a multi-year roadmap to open 300 new stores annually, aiming for a total of 900 new outlets by 2028. This asset-light, franchise-led model is designed to tap into India’s Rs 75,000 crore menswear market, specifically targeting the burgeoning wedding and ethnic wear segments through its ‘Ethnix’ brand.
Bridging global exports and domestic aspirations
While domestic sales thrive, the new leadership must navigate international headwinds, particularly US tariff uncertainties that impacted garmenting revenues in 2025. However, the anticipated UK Free Trade Agreement (FTA) presents a significant opportunity to scale high-value cotton and linen exports. Ghosh’s on-boarding at this crucial inflection point will unleash fresh energy across our lifestyle portfolio, states Gautam Hari Singhania, Chairman, Raymond Group. The company’s net debt-free status provides the necessary headroom to invest in supply-chain efficiencies, positioning Raymond not just as a heritage brand, but as a dominant, standalone global fashion platform.
Raymond Lifestyle is a leading Indian fashion conglomerate specializing in premium suiting, shirting, and ethnic wear. Holding a dominant market share in worsted wool, it operates over 1,600 stores across 600+ cities. The entity recently demerged to unlock shareholder value, targeting a 15 per cent annual revenue increase through aggressive retail expansion.
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