According to a leading Indian daily ET, India’s textile major Raymond is mulling over selling 20 per cent of its branded apparel business to overseas private equity funds.
Sanjay Behl, CEO – Raymond has confirmed the plans over joining hands with PE funds for growth capital. The stake sale will help the manufacturer expand its apparel business which is facing tough competition from other clothing retailer of India, like Aditya Birla Group’s Madura Fashion, Arvind Lifestyle, etc.
Industry professionals feel that the renewed efforts on brand building, focused retail expansion and restoring the consumer shopping experience will enable the company to go for a higher share in the branded apparel market. The branded apparel business drove 18 per cent growth at Raymond in the year 2015-16.
Also Read – Raymond unveils FY2016 results
Established in the year 1925, Raymond Group is one of India’s largest branded fabric, fashion retailers, and also the leading, integrated producers of suiting fabric in the world, with a capacity of producing 31 million metres of wool and wool-blended fabrics.
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