Raymond Ltd shuts manufacturing facilities, retail stores across India

By

Maverick Martins

Published
Mar 24, 2020

Apparel and textile major Raymond Ltd had closed its manufacturing facilities and retail stores across the country due to the ongoing coronavirus pandemic.
 

Raymond has also asked all its employees in its offices to work from home. The company has stated that it is continuously sanitising its offices and plants in line with government guidelines.
 
“Due to the global outbreak of Coronavirus disease 2019 (Covid-19), manufacturing facilities and the retail stores operated by Raymond Limited situated across India have been closed in line with the instructions of the government agencies except where they have been permitted by the local/state government authorities,” Raymond Ltd said in a statement.

“In this evolving situation, the overall adverse impact on the operations of the Company is not immediately assessable,” it added.
 
The closure of the stores is expected to hit the company’s fourth-quarter and overall financial results for the year. Raymond had posted strong results for the fiscal year 2018-19 with a net profit of Rs 175 crore ($25 million) while the total revenue of the company stood at Rs 6,707 crore.
 
Raymond Ltd is one of India’s leading apparel brands and currently has a store count of 1,584 across all formats covering about 2.44 million square feet of retail space.