Raymond Lifestyle is planning to open 650 new exclusive brand outlets over the next two years, taking the total number of stores in its distribution network to 2,000. Of these, 300 stores will be for the Ethnix brand of men’s wedding wear, launched 18 months ago.
Addressing a news conference in Ahmedabad on Thursday, Raymond Lifestyle CEO Sunil Kataria said that the men’s wedding wear market is valued at Rs 75,000 crore and Raymond is the market leader in this category, with annual sales of Rs 2,250 crore in FY24. “The Raymond brand has always had an iconic status in the Indian men’s wedding wear market. We aim to consolidate our position as the market leader with the Ethnix range and attain 7% market share by 2027,” he said.
Raymond Limited is currently in the process of being demerged into three separate listed entities: Raymond Lifestyle, Raymond Real Estate and Raymond Engineering. Ahead of its post-demerger listing, the management of Raymond Lifestyle (which owns the Raymond fabric brand and the Park Avenue, Parx, ColorPlus and apparel RR brands) is touring the major cities to explain the new company’s strategy. This includes filling in the gaps that exist in its menswear product portfolio. This includes Park Avenue men’s innerwear and a range of sleepwear for men under the new Sleep Z brand.
“This has been an unbranded market in India so far and we estimate its size to be around Rs 12,000 crore,” says Kataria. “We will be rolling out Sleep Z next month, with cotton kurta-pyjama sets priced at Rs 999 and T-shirts priced at Rs 499.”
Raymond’s fabric manufacturing unit is in Vapi, Gujarat and it has four units employing 1200 people for making suits in Bangalore. The company is a major exporter of readymade suits and it has invested Rs 200 crore on its Bangalore facilities in the last two years.
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