Mumbai-based menswear brand Raymond is revamping its strategy to attract younger demographics and strengthen its ready-to-wear segment, said Sunil Kataria, CEO, Raymond Lifestyle.
Speaking at the Great India Retail Summit 2024, Kataria highlighted a shift towards casual wear within the brand to cater to evolving consumer preferences. He noted the challenges of predicting consumer behavior, especially after the pandemic, which has been marked by a ‘You Only Live Once’ mentality and a focus on health and safety.
Kataria also pointed to a growing demand for premium products, driven by a combination of pandemic-induced behavior changes, generational shifts, and economic factors. The growing middle class's interest in premium and bridge-to-luxury categories is further fueling this trend, he added.
While acknowledging the resurgence of offline retail post-pandemic, Kataria also recognised the continued importance of e-commerce, which has stabilised at a level exceeding pre-pandemic figures. This indicates a potential shift in how consumers navigate online and offline retail channels.
In terms of pricing and market strategy, Kataria emphasised Raymond's focus on capturing the mid-range to premium market segments. He anticipates a growth in branded products as consumers move away from unbranded options.
With a focus on product quality and branding, Raymond is expanding its ethnic wear portfolio to cater to a wider audience. The company also plans to add over 125 stores in the next 12-18 months, expanding its retail presence and capitalizing on new market opportunities.
