Raymond Lifestyle to be listed on September 5, eyes 7% share in male wedding wear market by FY27
MUMBAI: Raymond Lifestyle, which claims to be the largest integrated manufacturer of worsted suiting in the country offering comprehensive products for fabric and garmenting, has charted out a massive expansion plan adding 900 new outlets over the next three years.
The lifestyle business arm of the century-old Raymond Group is also eyeing a 15 percent compounded annual growth rate to attain around 7 percent market share in the fast growing men’s-wear wedding market by 2027, Gautam Singhania, the group chairman and managing director, told reporters here Tuesday.
He also said the company will be listed on the bourses on September 5, following the demerger of its retail and lifestyle businesses announced last year. With this, Raymond will have two listed entities.
Already, Raymond is the largest brand in the men’s-wedding wear brand in the country estimated at around Rs 75,000 crore. Of this currently, Raymond Lifestyle had a revenue share of Rs 2,550 crore in FY24, which includes its wedding and ceremonial attire and Ethnix offering, Singhania said.
The demerger aims at unlocking shareholder value by creating a focused lifestyle business entity. Raymond Lifestyle will sharpen strategic focus in this fast-growing sector to become among the top three global fabric suppliers by the end of this year. The global scenario presents significant opportunities, particularly the challenges in China and Bangladesh and trade agreements with England, the EU and Australia, Singhania said.
On the massive expansion plans, Sunil Kataria, the chief executive of Raymond Lifestyle, said the company is all set to embark on the largest-ever retail expansion with 900 new outlets over three years, alongside launching new categories such as sleepwear and innerwear.
"Several other categories are also in the pipeline. When it comes to our existing brands, the ethnic wear brand Ethnix has already established its distinct position and we plan to nearly triple our physical presence with an additional 300 Ethnix stores in the next three years," he said.
As a focused pure-play consumer brand, the company is pursuing a three-pronged strategy of strengthening the core of branded textile, accelerating growth of apparel garmenting and building new categories such as ethnic wear, inner wear, sleep wear and international retail, Kataria said, adding they are also enhancing the distribution presence by adding over 650 exclusive brand outlets over the next three years.
On the growth plans, Amit Agarwal, the group chief financial officer, said over the next three years, they anticipate Raymond Lifestyle doubling its operating profit to over Rs 2,000 crore as they expect 12–15 percent volume growth in the lifestyle sector.