Raymond Group MD Gautam Singhania

  • Raymond says same-store sales growth has more than doubled compared to pre-pandemic levels.
  • The luxury apparel maker, which exports about 90% of its products, says there has been a resurgence in demand from Europe.
  • Home sales have also been good, thanks to the many weddings that took place in the summer.
  • Another good season ahead, says Gautam Singhania,

One of the most popular apparel brands in India, Raymond, is eyeing a bumper sales season in the coming times. And, it is not just because of the upcoming festive season.

Gautam Singhania, MD Raymond Group told Business Insider India, now that the offices are open, people wanted to go back to ‘dressing’.

“They too are of a different shape and size now. There was also a lot of demand and as the offices opened, there was a lot of apparel shopping. Same-store growth more than doubled compared to pre-pandemic levels,” said Singhania, speaking of the growth drivers for his group’s apparel business.

demand from Europe is back

According to the IDBI Capital report, the company is expecting double-digit growth in textiles, while in shirting it is seeing growth in the mid to high teens. The luxury apparel maker, which exports around 90% of its products, is also happy with the resurgence of demand from Europe.

“In European markets, the demand is very strong. People are back with a vengeance and they want formal clothes. In fact, in Europe, supply chain is a bigger problem than demand,” Singhania said.

The Indian market has also seen good sales, thanks to the many pending weddings that take place during the summer wedding season. Unofficially, about 4 million weddings have taken place between mid-January and June, and that’s only good news for Raymond, who is known for his wedding formalities.

India goes for ethnic wedding wear

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The company also expects a good festive and winter wedding season. And, it’s not just formal that they’re expected to wear.
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“Raymond is an integral part of weddings and special occasions and Indian ethnic wear is a growing trend today. We are in that segment with Ethnix by Raymond and are currently available in 32 Exclusive Brand Outlets (EBOs) which will have over 100 stores by the end of this financial year,” said Singhania.

The Ethnix brand, which will compete directly with Manyavar, will also be made available at select Raymond shops, multi-brand outlets and large format stores such as Shoppers Stop and Central.

Raymond, who is bullish in this category, is also creating a niche that is quite different from Manyavar.

“Raymond’s ethnic wear is positioned as classic to contemporary in an elegant format compared to Manyavar’s contemporary and edgy,” the IDBI report said. It expects to capture 10-15% market share in the ethnic category in the next five years.

The 98-year-old company is banking on its brand name in the men’s category and groom’s lounge to expand its ethnic wear business as well. In the long term, she expects the Ethnix brand to contribute 15-20% of a store’s total sales.

During the pandemic, the company also boosted the online business, which has developed on a good trajectory in terms of customer acquisition, it says. They are taking several initiatives to optimize the orders received online and adopt further technological changes.

Overall, it is betting on another good season to accelerate the growth of its business. “Unless the world goes into another lockdown, I see no reason why we can’t have another good season,” says Singhania.

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