01 April 2022, Mumbai:
Raymond is negotiating with Denmark-based retail group Bestseller to sell its apparel brands ColorPlus and Park Avenue.
The brand is seeking a valuation of Rs 500 crore for ColorPlus which currently owns 90 standalone stores, apart from selling through other multi-brand outlets.
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For Park Avenue, Raymond is seeking over Rs 500 crore of valuation. Last year, Raymond laid-off more than 1,000 employees as the pandemic hit operations.
It has business interests from manufacturing, fast-moving consumer goods (FMCG), real estate and retail is a major part of the nearly century-old group founded in 1925.
Raymond's ready-to-wear business, ColorPlus, Park Avenue and casual clothing label Parx, are among the four power brands of the Mumbai-based Bestseller Group.
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Bestseller sells fashion and lifestyle products through more than 2,800 chain stores in 46 countries and 12,000 external multi-brand stores.
In India, the company sells five brands including Jack & Jones, Vero Moda, Only, Selected Homme and Produkt through 375 exclusive brand outlets and more than 1,200 shop-in-shops.
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