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15 December 2021, Mumbai:
Raymond plans to raise Rs 100 crores. This will be done by issuing non-convertible debentures. The company will utilise the funds to strengthen its presence to overcome the disruptions caused by the Covid pandemic.
The fabric and apparel manufacturer has a store count of over 1,420 across all formats. The brand also sells online through its website and leading e-commerce platforms. Raymond is witnessing a demand surge to the tune of 60 percent for both its apparel and fabric segments.
Demand growth is aided by the favorable low base of last year. People are coming to the brand’s physical stores though they are maintaining caution. Also, average spending by customers has increased.
The pandemic significantly affected its revenues in the first half. However, the gradual unlocking in the second half of the fiscal helped the company to witness an encouraging rebound in the market with the progressive recovery of consumer sentiments.
There was a bounce-back in sales to almost three times in the second half as compared to the first half of fiscal ’21. In the fourth quarter of fiscal ’21, Raymond grew by nine percent.
On the supply side, there are some minor issues but the company has good relations with its suppliers and thus it doesn’t expect it to be a major challenge.
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