- Raymond says the same store sales growth has more than doubled compared to pre-pandemic levels.
- The luxury clothing manufacturer, which exports nearly 90% of its products, says there is a resurgence in demand from Europe.
- Domestic sales were also good, thanks to the many weddings that took place during the summer.
- Another good season is ahead, says
One of India’s most popular clothing brands, Raymond, is looking forward to a great sales season. And that’s not just because of the upcoming festival season.
Gautam Singhania, MD of the
“They now also have a different shape and size. There was also a lot of restrained demand and as offices opened, a lot of clothing was bought. Same-store growth has more than doubled compared to pre-pandemic levels,” Singhania said as he spoke about the growth drivers for his group’s apparel business.
Demand from Europe is back
According to an IDBI Capital report, the company expects double-digit growth in textiles, while seeing growth in shirts in the mid-to-high teens. The luxury clothing manufacturer, which exports almost 90% of its products, is also pleased with the revival in demand from Europe.
“Demand is very strong in the European markets. People are back with a vengeance and they want formal wear. In Europe, the supply chain is even more of a problem than the demand,” says Singhania.
The Indian market has also seen good sales, thanks to the many hanging weddings that took place during the summer wedding season. Unofficially, as many as 40 lakh weddings have been reported from mid-January to June, which is only good news for Raymond, who is known for his wedding formalities.
India opts for ethnic wedding attire
The company also expects a good festive and winter wedding season. And it’s not just formalities they hope to dress the
“Raymond is an integral part of weddings and special occasions and Indian ethnic wear is a growing trend these days. We are present in that segment with Ethnix by Raymond and currently available in 32 exclusive brand stores (EBO), which will be closed by the end of this fiscal year. will have more than 100 stores,” said Singhania.
The Ethnix brand, which will be a direct competitor to Manyavar, will also be made available in select Raymond Shops, multi-brand outlets and large format stores such as Shoppers Stop and Central.
Raymond, who is optimistic in this category, is also pursuing a niche quite different from Manyavar’s.
“Raymond’s ethnic dress is positioned as classic to contemporary in an elegant format compared to contemporary and edgy for Manyavar,” the IDBI report said. It hopes to capture a 10-15% market share in ethnic category in the next five years.
The 98-year-old company is investing in its brand name in the menswear and groom’s lounge category, to also advance its ethnic wear business. In the long run, it hopes the Ethnix brand will contribute 15-20% to a store’s total sales.
During the pandemic, the company also boosted its online business, which has grown well in terms of customer acquisition, it says. They are also taking multiple initiatives to adapt orders received online and adapt to the technological changes ahead.
All in all, it’s betting on another good season to fuel its business growth. “Unless the world goes into lockdown again, I see no reason why we shouldn’t have another good season,” Singhania said.
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