28th September 2021, Mumbai:
Textiles to engineering conglomerate Raymond has announced a restructuring plan that involves consolidating the parent company with its fast-fashion business and merging the auto components and tools and hardware businesses into its engineering division.
The restructuring plan aims to monetize the brand’s assets, cut its debt and improve operational synergies. Raymond had a gross debt of Rs 2,470 crore as of March 31, according to Crisil Research. As part of the scheme, the tools and hardware and the auto components businesses will be merged into JK Files, a wholly-owned subsidiary.
The company’s demerger scheme has been withdrawn and the lifestyle business will be transferred to Raymond to streamline the group’s B2C businesses.
Raymond is a diversified group with majority business interests in textile and apparel sectors as well as a presence across diverse segments such as FMCG, realty, engineering, and prophylactics in national and international markets.
Having enjoyed the patronage of over a billion consumers, Raymond is reckoned for delivering world-class quality products to its consumers for the past nine decades.
TOP 5:
2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida
