Raymond to open 400-500 new retail stores in expansion drive
13 April 2023, Mumbai
Indian conglomerate Raymond plans to open 400 to 500 new retail stores as part of its expansion strategy, according to Chairman and Managing Director Gautam Hari Singhania.
The company expects its growth rate to be "at least double of inflation" this fiscal year, driven by its lifestyle and real estate businesses. While the real estate arm is set to provide a significant contribution to growth, Raymond's lifestyle business will be the driving force behind the expansion.
Singhania is optimistic about the future, expecting growth in the mid to high teens over the next three to five years.
Raymond was founded in 1925, manufacturing a wide range of products, including fabrics, apparel, and accessories for men and women. Raymond has a strong retail presence in India, with over 1,000 retail stores and more than 20,000 multi-brand outlets.
The lifestyle business includes its clothing and accessory brands, such as Raymond, Park Avenue, ColorPlus, and Parx. The company has been investing heavily in marketing and brand building to increase brand awareness and drive sales.
The company has also expanded its presence globally and currently operates in over 50 countries.
