Textile and apparel major Raymond will invest Rs 350 crore in capacity and retail expansion this year, the company said on Sunday.
According to a PTI report: This will help ramp up its apparel sale and grow the fabric business over the next few years, a senior company executive said.
“Of the Rs 350 crore, Rs 200 crore will be allocated to manufacturing expansion, both in India and offshore, while Rs 150 crore will go towards retail expansion,” CEO, Raymond, Sanjay Behl told PTI here.
The company is setting up a large suiting manufacturing plant in Ethiopia in Africa that will be operational this year and has also undertaken a significant expansion in Amravati in Maharashtra for cotton fabric.
“The Ethiopia plant will manufacture 2 million jackets, and the Amravati plant has a capacity of 3 million metres of linen fabric that will be added this year,” Behl said.
Raymond is also looking to expand its retail presence to about 1,500 stores by 2020.
The company will open nearly 150-200 stores this year, Behl indicated. Raymond has more than 1,000 retail stores that are franchise based. Raymond brands include Raymond (ready to wear), Raymond Made to Measure, Color Plus, Park Avenue and Parx. It has also tied up with the Khadi and Village Industries Commission (KVIC) and launched its branded Khadi by Raymond to promote the fabric globally.
“We are building capability in finishing, design, and distribution for khadi and investing step by step,” he said. The new label will be available at KVIC outlets, besides its own, across India and leading e-commerce portals beginning August this year.