Raymond Looks To ‘Complete’ Its Own Image And Offerings
Apparel maker looks to launch a new line of khadi products.
The apparel maker which wants to make you look like a ‘complete man’, is itself going through an image makeover. Raymond Ltd., one of India’s largest branded cloth manufacturers, has already downed the shutters on 35-40 stores this year and will close another 100 over the next three years.
To be sure, it’s not looking to scale back its presence, but to open new stores in other areas in order to enhance its reach. The stores which will survive the axe are the ones which are currently profitable on a standalone basis, said Raymond’s chief executive officer, Sanjay Behl.
We are very competitive, in fact 80-90 percent of our stores are currently profitable on revenue per square feet basis...we see anywhere between 6-10 percent growth in like-to-like stores, for the next three years.Sanjay Behl, Chief Executive Officer, Raymond
The clothing line currently has 1,050 stores, spread across all its brands which includes The Raymond Shop, Raymond (Ready to Wear), Raymond (Made to Measure), Color Plus, Park Avenue and Parx.
Existing stores are also being revamped but the renovation cost is mainly borne by individual franchisees which run and operate around 90 percent of stores across India.
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The company has also entered into an exclusive partnership with the Khadi and Village Industries Commission of India to sell Khadi trade mark fabric and apparel. Raymond hopes the fabric which is trying to make a comeback will contribute approximately 5 percent to its revenue in the medium term.