Textile and apparel major Raymond is planning to diversify the portfolio for its flagship brand, Park Avenue by adding new categories to gain a larger market share in India. The brand currently offers complete range of men’s innerwear portfolio such as briefs, vests, trunks, socks, thermals, gym vest, track pants, lounge t-shirts, boxers, etc.
The brand will mainly focus on MBO and e-commerce. It will also add new categories in loungewear like boxers and thermals to acquire at least 2 per cent market share by 2021. Park Avenue currently has 70 exclusive stores in India and 30 overseas in markets like West Asia, Nepal, and Sri Lanka. It plans to increase its overall number of EBOs to 200 by 2020.
Park Avenue will also enter the Middle East market with a store in Sharjah in UAE this November. Besides, the brand is planning to foray into the south and east African markets for growth as it aims to generate 10 per cent revenue for its topline from international markets.