Expansion plans include 900 outlets in 3 years, alongside launch of new categories
Bengaluru, September 3, 2024: Raymond Lifestyle Ltd. (“RLL”), whose shares will be listed on the bourses on September 5, 2024, is on its way to towards the largest-ever retail expansion by adding 900 new outlets over three years. The Raymond Group’s lifestyle business entity is eyeing a 15% Compounded Annual Growth Rate (CAGR) to attain around 7% market share in the fast growing Men’s-Wear wedding market by 2027.
Raymond, which will now have two listed entities following the demerger of its retail and lifestyle businesses, is focussed on unlocking shareholder value by creating specialised businesses. Backed by a legacy of nearly a century, Raymond enjoys the position as the largest brand in the Indian Men’s-Wear wedding market, estimated at around Rs 75,000 crore. RLL, which is set to emerge among top three global fabric suppliers by the end of this year, has sales of Rs 2550 crore from the wedding business in FY’24, which includes Raymond’s wedding and ceremonial attire and Ethnix, its Indian ethnic wear offering.
Underscoring RLL’s role in further cementing itself in rapidly-expanding lifestyle segment, Mr. Gautam Singhania, Chairman and Managing Director, Raymond Group, said, “The demerger aims at unlocking shareholder value by creating a focussed 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 the UK, EU and Australia.”
Highlighting RLL’s massive expansion plans, Mr. Sunil Kataria, CEO, Raymond Lifestyle, said, “The Raymond brand enjoys an iconic status in the Indian Wedding Men’s-Wear market. With Raymond Lifestyle, we are all set to embark upon 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, Ethnix has already established its distinct position in the market, and we plan to nearly triple our physical presence with an additional 300 Ethnix stores in the next three years. We believe that we can achieve unparalleled growth in this wedding segment, significantly consolidating our position as the dominant market leader.”
As a focussed, pure play consumer business, RLL is pursuing a three-pronged strategic approach of strengthening the core of branded textile, accelerating the growth of apparel garmenting and building new categories such as ethnic wear, inner wear, sleep wear and international retail. RLL is focussed on enhancing the distribution presence in the country and plans to set up over 650 Exclusive Brand Outlets (EBOs) over the next three years.
Speaking about RLL’s growth plans, Mr. Amit Agarwal, Chief Financial Officer, Raymond Group, said, “In the next three years, we anticipate Raymond Lifestyle doubling its EBITDA to over ₹20 billion. We are also looking towards a 12–15% sales growth in the lifestyle sector. The aim for Raymond Lifestyle would be to capture around 7% market share in the dynamic Men’s-Wear wedding market by 2027.”
Raymond is the 10th strongest brand in India, and the only fabric and apparel brand as recognised by Brand Finance. Guided by the enduring legacy of “The Complete Man”, Raymond has always epitomised the values of trust, quality and excellence. RLL is set to carry this legacy forward, continuing to define men’s fashion with the same timeless elegance.
