To strengthen its lifestyle business, Raymond, a prominent textile and apparel company, is planning an ambitious store expansion aimed at improving accessibility and meeting the growing demand for its range of lifestyle products.
Driven by a firm commitment to growth and innovation, Raymond is strategically pursuing an aggressive store expansion plan and allocating substantial capital expenditure. By prioritising the lifestyle business and acknowledging its potential impact, the company aims to strengthen its market position and create long-term value.
During an interview, Amit Agarwal, Group CFO of Raymond, revealed the company’s ambitious store expansion plan for its lifestyle business and highlighted the substantial capital expenditure (capex) allocated specifically to the garments segment.
He stated, “We have developed a comprehensive growth strategy for our lifestyle business. Over the next 3-4 years, we will be opening more than 500 stores, primarily exclusive brand outlets (EBOs), to fuel our expansion. This applies to our apparel brands such as Park Avenue, Raymond ready-to-wear, ColorPlus, and ethnic stores. However, most of these stores will be franchisee-led, reducing the need for significant capital expenditure (capex).”
In his remarks, Agarwal provided valuable insights into the expected impact of the lifestyle business on Raymond’s overall performance. He projected that by FY ’24, the lifestyle segment would contribute a significant 70 percent of the company’s revenue, underscoring its growing importance as a potential major revenue driver in the near future.
