Raymond Lifestyle to add over 500 stores in 3 years
14 August 2024, Mumbai
Gearing up for a significant expansion, Raymond Lifestyle plans to add over 500 stores within the next three years. The company aims to achieve 15 per cent sales growth and a 20 per cent increase in EBITDA over the same period, notes GautamHariSinghania, Chairman and Managing Director, Raymond Ltd. The company is placing strong bets on its Ethnix brand while also venturing into new categories like innerwear and sleepwear.
Raymond plans to open 100 more stores of Ethnix by fiscal 2025,says Singhania. The brand plans to also expand its garmenting capacity by one-third, a move making it the third-largest suit maker globally once fully operational.
Discussing India’s consumption trends, Singhania highlights, outpacing most global economies, Indian economy is growing the rate of 7-8 per cent. The country is poised for exponential growth in the future, he affirms.
The recent crisis in Bangladesh can prove to be a significant opportunity for Indian companies, Singhania opines. Having invested Rs 200 crore into CAPEX and capacity expansion over the past two years, Raymond is now poised to capitalise on this situation, he adds.
