Raymond hopes for flat growth this fiscal

Diversified group Raymond hopes to end this fiscal on a flat note in terms of growth prospects as most of its businesses were hit in the first six months of the current fiscal by pandemic-related disruptions. The group went through a very tough phase during the last six months as all stores remained closed due to the pandemic, resulting in zero growth this fiscal.

However, Raymond has already achieved pre-COVID-19 sales numbers in some of the business segments and even more in some other verticals. However, it expects its textile and apparel businesses to take longer time to recover. The company hopes to benefit from the recent trend change from formal dressing to causal as working from home is catching up under the new normal post pandemic. Its own portfolio has changed dramatically from the last 10 years when it only made worsted fabrics for suiting.

The group is also expanding digitization in retail and adopting omnichannel approach. However, it will continue to expand retail presence targeting the Tier III, IV and V markets besides the key cities.