Indian firm Raymond's consolidated revenue climbs 74% in FY22

“The pandemic followed by the ongoing war have both been emotional and economic dampeners that have divided the world and contributed to inflationary pressures and rising commodity prices. Imbibing a spirit of resilience, entrepreneurship and agility hence assume a critical role especially in India when the country is currently the fifth largest contributor to world market cap following the US, China, Japan and Hong Kong,” said Gautam Hari Singhania chairman and managing director.

During FY22, the business launched a series of innovative fabrics across product categories and exclusive channel merchandise that received an encouraging response from trade partners and retail outlets. Nearly 100 per cent consumer awareness in India with a legacy of over nine decades, the company is amongst the most preferred textile and apparel brands. Raymond enjoys a strong brand presence pan-India with nearly 100 per cent consumer awareness catering to a total diaspora of its target group, the company said in a press release.

The group’s apparel business witnessed growth across all channels throughout the country led by a strong demand for our brands by loyal and new customers. Online channels and e-commerce marketplaces continued to grow by selling exclusively created merchandise. E-commerce platform also gained momentum through omni-channel integration by establishing synergies between procurement, distribution and last mile deliveries. The apparel business witnessed new launches in product portfolio especially in casual wear and product line extension in ethnic wear due to increased demand for different occasions after the lockdown. Over the last few quarters our successful initiatives such as cost optimisation, focus on consolidation of backend processes and serviceability, store rationalisation, channel-specific merchandise and online penetration has helped in making us operationally efficient.

“For Raymond Group, FY22 was a stellar year. We are proud to say that all the measures to deliver in terms of value creation for our shareholders have reaped results. All our teams across businesses worked relentlessly towards our set targets and goals and it has been the unwavering commitment to safeguard our core values of trust, quality and excellence that have guided us in this journey,” said Amit Agarwal, group chief financial officer.

Fibre2Fashion News Desk (RR)