Companies

Raymond to reposition four major brands

Abhishek law Kolkata | Updated on January 15, 2018 Published on April 05, 2017

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A range of accessories and footwear offerings will be added

Textile and apparel maker Raymond is repositioning its menswear brands even as it enhances product portfolios.

Apart from ceremonial and ethnic wear, a range of accessories and footwear offerings will be added across the four brands -“Raymond” brand of ready-to-wear apparels, Park Avenue, ColorPlus and Parx - over a period of time.

While, Raymond and Park Avenue – catering to the luxury and premium segments respectively – will see “significant enhancement” in ceremonial and casual wear, ColorPlus and Parx – in the premium and mid-level segments – will witness “calibrated extensions of formal products”.

According to Gaurav Mahajan, President, Apparel Business, Raymond Ltd, ethnic wear will be a big addition under the Raymond brand, while other brands will have extended offerings to be made into “full wardrobe” ones (having all possible product ranges).

“We are in the midst of repositioning our four major brands to expand and extend the portfolio. Each brand will be positioned differently to target a larger market. Each will be a full wardrobe offering and additions could include footwear, accessories, moving beyond casual wear, and so on,” he told BusinessLine.

The idea behind repositioning brands is to ensure that they do not cannibalise each other while targeting specific audiences, market sources said.

For example, while Raymond will look at the luxury-to-premium segment with a classic range of offerings targeting the mature audience. ColorPlus, also targeting the premium segment, will focus on leisure and smart casual segments.

Park Avenue will focus on the “quirk” content, but targeting the premium segment, while Parx will target youngsters, be more experimental in designs and casual by nature.

“We are looking to create enough separation between the brands,” Mahajan pointed out, while maintaining that “price” and fashion preferences and not cannibalisation is the reason for re-positioning.

Currently, Park Avenue accounts for 45 per cent of the Raymond apparel portfolio, while ColorPlus and Parx contribute 25 and 15 per cent, respectively. Raymond ‘Ready-to-wear’ accounts for the remaining 15 per cent.

The company will also look to focus on both retail and digital expansion. Its omni-channel strategy is also being put in place over the next 12 months.

Market sources claim that Parx is being slowly pushed with primary focus online. The other three will focus on offline growth. Mahajan, however, has a different take.

“There may be increased traction for Parx over a period of time in one channel because of the customer we are targeting. But its not that we will ignore or focus on one particular channel,” he points out.

According to him, Raymond will focus on all channels to push sales of its four brands.

Published on April 05, 2017

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