Raymond records huge revenue surge, to open more stores
04 January 2023, Mumbai
This wedding season Raymond recorded its highest ever growth in revenue. The company witnessed a sharp turnaround in sales due to higher consumer spending in its stores following the Covid pandemic.
Sales were up by 38 per cent from the same time compared to 2019. Around 3.2 million weddings were hosted in November 2022 and December 2022, which would have generated a whopping business overall for sectors including clothing retail.
Raymond is known for its suits and textiles and has 1400 clothing showrooms across the country.Textiles and clothing are a major source of revenue for the company, contributing to 50 per cent of the revenue of the company.In the coming months, Raymond aims to open more stores in smaller towns to cash in on rising consumer spending, while broadening its clothing lines to include more traditional Indian garments -- often popular during Hindu wedding rituals.
Raymond, a wool mill near Mumbai set up in 1925, originally supplied blankets to armed forces in the country.The brand known for its textile business has also diversified its business in consumer products ranging from shaving creams to condoms and also in technology such as auto parts. Raymond also runs a real estate business selling apartments on the outskirts of Mumbai.
