Raymond to push for 7-8% growth of suitings business

Raymond is a major player in the suitings business. Suitings are fabrics used for making blazers, coats, jackets, suits and trousers. The other segments under textiles division include fabrics for making shirts, made-to-measure garments and exports.

The growth of the JK Singhania Group company is expected to come organically, including new product ranges. Over the last one year, the company explored new offerings focussing on functionality.

“We are expecting a 7-8 per cent growth in FY-17 coming mostly from the suitings business. This year, we hope to close at a turnover of around Rs 2,300 crore,” Ram Bhatnagar, Vice President, Head Sales & Distribution – Textile, Raymond Ltd, said on the sidelines of the launch of its 'technosmart' brand of fabrics.

Raymond claims the fabric is targeted at corporate travellers with focus on 'functionality' which means the fabric will see less creases,  UV-protection and so on. Technosmart is expected to bring in Rs 100 crore over the next one year.

Over the last one year, Raymond has launched at least four new sub-brands such as Ibex, Qivuut, Beaver, Cool Wool.

Raymond occupies nearly 60 per cent market share in the Rs 18,000-crore suitings segment, and a 90 per cent share in the mid-to-premium ranges (for fabrics priced upwards of Rs 600 per meter), Bhatnagar said. (SH)

ALCHEMPro News Desk – India