Raymond To Invest Rs 350 Cr In Capex Strengthen Retail Network

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Raymond To Invest Rs 350 Cr In Capex Strengthen Retail Network

Textile and apparel major Raymond plans to invest Rs 350 crore in capacity and retail expansion this year, the company said recently. The move is expected to ramp up its apparel sales and grow the fabric business over the next few years, according to a senior company executive.

Of the Rs total 350 crore to be spent, Rs 200 crore will be allocated to manufacturing expansion, both in India and overseas, while Rs 150 crore will go towards retail expansion, the company executive stated.

The company is in the process of setting up large suiting manufacturing plants in Ethiopia in Africa which will be operational this year. It has also undertaken significant expansion at Amravati in Maharashtra for cotton fabric.

The Ethiopia plant will manufacture 2 million jackets, while the Amravati plant has a capacity of 3 million metres of linen fabric which will be added this year, he said.

Raymond is also looking to expand its retail presence to about 1,500 stores by 2020. The company will open nearly around 200 stores this year, he stated.

Raymond has more than 1,000 retail stores which are franchise based. Raymond brands include Raymond (ready-to-wear), Raymond Made to Measure, Color Plus, Park Avenue and Parx. Recently, it also tied up with the Khadi and Village Industries Commission (KVIC) and launched its branded Khadi by Raymond to promote the fabric globally.

The company is building capability in finishing, design, as well as distribution for khadi by investing step by step. The new label will be available at KVIC outlets, besides its own, across India as well as leading e-commerce portals beginning from August this year, he stated.