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Raymond investing Rs 350 crore in 2017
29
May '17
Courtesy: Raymond
Courtesy: Raymond
With a view to grow apparel sale and fabric business over the next few years, Raymond is investing Rs 350 crore in capacity and retail expansion in 2017. Of this, Rs 200 crore will go for manufacturing expansion in India and offshore, and Rs 150 crore is meant for retail expansion. The company is building a large suiting manufacturing plant in Ethiopia.

The plant in Africa will be operational in 2017 itself. The company is also expanding business in Amravati in Maharashtra for cotton fabric, an agency report said.

“Of the Rs 350 crore, Rs 200 crore will be allocated to manufacturing expansion, both in India and offshore, while Rs 150 crore will go towards retail expansion,” Sanjay Behl, CEO, Raymond, told the new agency.

“The Ethiopia plant will manufacture two million jackets, and the Amravati plant has a capacity of three million metres of linen fabric that will be added this year,” Behl said. The company plans to expand its retail presence to about 1,500 stores by 2020, the report said.

The company plans to open nearly 150-200 stores in 2017, Behl said.

Raymond has more than 1,000 franchise based retail stores. Its brands include Raymond (ready to wear), Raymond Made to Measure, Color Plus, Park Avenue and Parx. The company has tied up with the Khadi and Village Industries Commission to launch its branded Khadi. The new lable will be available at KVIC outlets, besides its own, across India and leading e-commerce portals beginning August 2017.

“We are building capability in finishing, design, and distribution for khadi and investing step by step,” Behl said, according to the report. (SV)

Fibre2Fashion News Desk – India


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