Raymond expects record business this festive season
Raymond is eyeing strong revenue and profit growth this winter festive and wedding season. The apparel business expects strong clothing sales as Indians celebrate without pandemic restrictions for the first time in two years.
“For the first time in two years, customers will be celebrating Dussehra and Diwali without the pandemic,” Raymond’s CFO Amit Agarwal told the Economic Times. “The wedding season will also spur demand. The company is eyeing record business in respect of both profitability and revenue this year.”
Despite rate hikes and global currency turmoil, Raymond does not expect any immediate negative effects on its business, according to Agarwal. As rates continue to rise, the business plans to focus on different avenues for debt such as foreign currency debt and to boost its liquidity through exports.
“During Covid-19, we were affected largely because our stores were shut and customers could not visit us,” said Agarwal. “But as soon as the stores were opened, they returned, and that was significantly prominent in our apparel business.”
Beyond the festive season, Raymond is expecting demand to remain buoyant for the coming two financial quarters. Raymond’s lifestyle business has witnessed a 30% increase in demand and its real estate business is also experiencing growth.
Raymond’s apparel business including brands such as ColourPlus, Park Avenue, KamaSutra, and Ethnix among others. The business also offers textile and custom tailoring solutions.
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