Having become a zero-debt company, textiles to engineering conglomerate, Raymond Group, plans to expand its apparel business.
Amit Agarwal, Chief Financial Officer, reveals, last year, the brand expanded its retail presence by adding over 200 stores. It now plans to expand by adding 400-500 more stores, reaching a total of 2,000 within the next three years.
Raymond currently generates revenues of Rs 1,500 crore from its apparel business. Bolstered by renowned brands such as Raymond Ready To Wear, Park Avenue, and ColorPlus, the group aims to capture a larger share in India’s apparel market, states Agarwal.
Predominantly a formal clothing brand, Raymond plans to broaden its market reach by infusing casualisation and premiumisation into its product offerings. The company plans to augment production capacity to 11 million pieces with an investment of Rs 200 crore within the next 18 months. It will primarily expand its capacity in Bengaluru, with some capacity enhancements in Ethiopia.
