Raymond to increase branded apparel business four-fold

Indian textile major Raymond expects its sales from the branded apparel division to grow four fold from the current over Rs 1,000 crore and the fabrics business to double from around Rs 3,000 crore in five years.

This was revealed by Mohit Dhanjal, director-retail, Raymond Ltd who added by saying that the company is expanding its presence to new regions and launching new products using technology.

According to a Business Standard report, Dhanjal was speaking at the launch of its social initiative ‘Look Good, Do Good’, under which the company offers free stitching of trousers to those who bring old trousers.

Currently, Raymond derives around 65 per cent of its business from fabrics and around 35 per cent from branded apparels. The growth would also come from new and renovated stores across the country.

Raymond which unveiled around 70 stores in the previous fiscal, plans to open around 100 stores in the current fiscal, which will also be opened in tier IV and V towns in India.

The company operates around 715 Raymond stores, of which around 660 are franchisees and its products also reach around 17,000 multi brand outlets in 380 towns and cities.