The Hindu Business Line : Raymond eyeing 25% of women’s wear market

Mumbai, Nov. 28 Raymond Ltd is eyeing a 25 per cent share of the Rs 4,000-crore organised market for women’s wear in India by 2010, Mr Shreyas Joshi, President, Raymond Apparel Ltd, told Business Line.

The Group recently forayed into the women’s wear market through Park Avenue and ColorPlus, in the Western wear category. “We are building exclusive store lines and three stores of our Rs 250-crore brand Park Avenue will come up in Delhi and one each in Mumbai and Bangalore, exclusively for women. We want to treat women’s stores as an independent brand,” said Mr Joshi.

The company recently launched its kids wear line through Zapp and wants a dominant position in this segment, he said. “The organised kids wear market in India consists of roughly 17,000 players and this is an emerging segment like women’s wear, making it the right time for us to enter the market,” he added. The company is bullish on revenues from its stores in class IV and V towns with population below five lakh. They plan to set up 25 of their proposed 70 outlets of the Raymond Shop by March 2008 in Itawa, Mainpuri, Beed, Bidar and Parbhani, among other places.

Around 90 exclusive outlets of Raymond are in smaller towns run by franchisees and bring in revenues of about Rs 100 crore at MRP value, said Mr Aniruddha Deshmukh, President – Retail & FMCG, Raymond Ltd. The stores offer customised services like tailoring to attract initial customers and are of smaller sizes from 1,000-1,500 sq ft, he said. “The stocking of merchandise has to be done smartly to be able to make profits here. You have to offer brands which are at a lower price so as to save on costs,” he explained.

Raymond owns 382 of the Raymond Shop outlets, 31 of which are present overseas, said Mr Deshmukh. The company targets Rs 750 crore of annualised sales by March 2008, according to him.

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