- Raymond Lifestyle eyes strong growth in fast growing Men’s Wear wedding market
- RLL has sales of Rs. 2,550 crore from the wedding business in FY’24 which includes Raymond’s wedding & ceremonial attire and Ethnix, its Indian ethnic wear offering
- Raymond is the 10th strongest brand in India, and the only fabric & apparel brand as recognized by Brand Finance
- With Ethnix establishing its own distinct position in the market, we plan to nearly triple our physical presence with an additional 300 Ethnix stores in the next three years: Sunil Kataria, CEO, Raymond Lifestyle
NE BUSINESS BUREAU
AHMEDABAD, AUGUST 30
Raymond Lifestyle Ltd. (RLL), the soon to be listed demerged entity of the Raymond Group, is targeting 15% Compounded Annual Growth Rate (CAGR) to attain around 7% market share in the fast growing Men’s-Wear wedding market by 2027. The Indian Men’s-wear wedding market is estimated to be about Rs. 75,000 crore and Raymond is the largest branded player in the market with a legacy of 100 years. RLL has sales of Rs. 2,550 crore from the wedding business in FY’24 which includes Raymond’s wedding & ceremonial attire and Ethnix, its Indian ethnic wear offering.
Commenting on the focus on the growing wedding market, Sunil Kataria, CEO, Raymond Lifestyle said, “The Raymond brand has an iconic status in the Indian Wedding Men’s-wear market. It will be fair to state that no wedding is complete without a Raymond suit.
With Ethnix establishing its own distinct position in the market, we plan to nearly triple our physical presence with an additional 300 Ethnix stores in the next three years. We believe that we can achieve unparalleled growth in this wedding segment, significantly consolidating our position as the dominant market leader.”
Amit Agarwal, Group CFO, Raymond highlighted India’s stability as a factor that could attract global brands. “The China+1 strategy is playing to our advantage, leading to stronger business relationships with existing customers and presenting multiple opportunities for new markets and customer acquisition. Previously, global brands had our fabric sent to Bangladesh for stitching. So now a portion of that can easily come to us very quickly. When the expanded capacity is fully commissioned, Raymond will become the third-largest suit maker in the world. We have spent Rs 200 crore for capacity expansion,” Agarwal said.
As a focussed, pure play consumer business, RLL is pursuing a three-pronged strategic approach of strengthening the core of branded textile, accelerating the growth of apparel garmenting and building new categories like Ethnic wear, Inner wear, Sleep wear and international retail. RLL is focussed on enhancing their distribution presence in the country and plans to set up over 650 Exclusive brand outlets (EBOs) over the next three years.
Raymond’s fabric manufacturing unit is in Vapi, Gujarat and it has four units employing 1,200 people for making suits in Bangalore.
Raymond is the 10th strongest brand in India, and the only fabric & apparel brand as recognized by Brand Finance. Guided by the enduring legacy of “The Complete Man” Raymond has always epitomized trust, quality, and Excellence. RLL is set to carry this legacy forward, continuing to define men’s fashion with the same timeless elegance.
