Raymond Lifestyle to grow wedding wear business by 12% CAGR in 3 years
17 December 2024, Mumbai
Expanding its newly launched Ethnix porfolio, Raymond Lifestyle aims to grow its wedding wear business by 12 per cent CAGR in the next 2-3 years.
A strong recovery in the wedding season after a 15 months gap and its extension to May, has boosted growth in this segment across the company’s franchisee stores and exclusive brand outlets, says Amit Agarwal, Group CFO, Raymond Lifestyle.
Raymond holds around Rs 3,500 –Rs 3, 800 crore GMV in the Rs 75,000 crore wedding menswear market in India, states Agarwal. With around 5 per cent share, the company is the largest player in this market, he adds.
Raymond Lifestyle targets revenues worth Rs 300 crore from its Ethnix business in the next three years. It also plans to increase its current store count in this segment from the current 140 to 325 in the next three years. Of these, the brand plans to open around 80 stores this year. Each of these stores is expected to generate Rs 1-2 crore annual revenues once fully matured.
To achieve the above targets, Raymond Lifestyle aims to leverage the potential of its mixed business portfolio including fabrics, apparel, ethnics, garmenting, and shirting.
