18 September 2024, Mumbai
Embarking on an expansive growth strategy, Raymond Lifestyle (RLL) aims to launch 900 new outlets across India over the next three years. According to Gautam Singhania, Chairman and Managing Director, the brand’s initiative coincides with its centenary celebrations, and will help it strengthen presence in the country.
The company’s expansion on such a large scale will help Raymond capture a significant 7 per cent share in the fast-growing men’s wedding wear market by 2027, emphasizes Singhania. The company has targeted a growth rate of 15 per cent CAGR in this segment over the coming years, he adds.
Expanding its store network, Raymond plans to set up 40-50 new outlets in West Bengal where it currently operates 85 stores. To be established in the next three years, these stores will help the brand cement its market presence in the state.
This expansion will also enable Raymond to better serve customers across India, particularly in the booming men's wedding wear segment besides reinforcing the brand’s position as a dominant player in the market, adds Singhania.
Raymond's aggressive retail push is part of its broader strategy to strengthen its position in India’s apparel market and further diversify its retail offerings.
