Announcing its debut into the readymade garments market, textile major Raymond has launched Raymond Finely Crafted Garments (Raymond FCG), its new readymade garments brand.
“For the first time, we are bringing our 80-year-old brand Raymond into the ready-made garment segment. The garment sector was earlier reserved for the small scale sector, now that it is open to others, we decided to come with the Raymond brand, which will have an exclusive formal range of classic apparel and accessories,” Raymond chairman, Gautam Singhania, said in a statement.
The company expects to capture a significant share of the Rs 3,500 crore menswear market in the country
The company expects Raymond FCG, to generate revenues of Rs 100 crore in the next 2-3 years. About 30 exclusive brand stores will be set up in the next three years.
With a capacity of 33-million-metres of wool and wool-blended fabrics, Raymond controls over 60 per cent of the worsted suiting market in India.
“Raymond has no plans to spin off its retail business. We have over 400 retail stores now and we want to take it to 1,000 in the next three years. There are, however, no plans to spin off the retail business,” Singhania said.
Meanwhile, Raymond group president Pradeep Bhandari said the company expects revenue to grow 20 per cent and exports to rise 10 per cent in the current financial year on the back of an increase in export prices.
The company, which owns brands such as Park Avenue, Parx, Manzoni and ColorPlus, recorded a turnover of Rs 1,284 crore for the year ended March 2007. The company recently increased its export prices by 6-7 per cent to manage the Rupee appreciation, Bhandari said.
Apart from selling branded garments for men and women, Raymond is also into manufacturing and selling fabrics. “Our fabric business is growing 10-15 per cent, while the apparel business has been witnessing 40 per cent growth year-on-year,” Bhandari said.
Shreyas Joshi, president, Raymond Apparel, said with the evolving work environment and global media onslaught, the wardrobe of today’s widely travelled Indian consumer has grown exponentially.
– Bengaluru Bureau
