Raymonds expects to double its growth rate in current fiscal

With the help of its real estate division’s expansion and the suiting and shirting verticals of its lifestyle company, diversified group Raymond anticipates at least doubling its growth rate in the current fiscal year.

With demand gradually increasing and a fair rebound anticipated for the wedding season, Raymond Chairman Gautam Hari Singhania stated that he was “optimistically” anticipating growth in the mid to high teens per cent over the next three to five years.

According to Singhania, Raymond intends to take advantage of the current growing momentum by launching 400 to 500 new retail locations and expanding gradually using an asset-light model.

“Post Covid FY23 has been a good year for Raymonds so far. It was good for everybody. Things have turned around. I am optimistically looking at the future,” Singhania told PTI.

Sighania responded that supply chain problems still exist around the world when asked about global inflation. “They are not disappearing; rather, things are becoming better. But, I believe that more quarters would be beneficial,” he said.

The increasing trend from the previous six quarters is anticipated to continue, according to Raymonds, the owner of brands like Park Avenue and ColorPlus.

In keeping with the steady growth for six consecutive quarters, Singhania added, “We at Raymond are optimistic that we will continue to grow our revenues and profitability in the coming three to five years in the mid to high teens percentage range.”

As it concentrates on the new offering Ethnix by Raymond and other fashion brands, this growth will be fueled by the retail expansion and distribution reach across the nation. He added, “We intend to open 400 to 500 new retail stores.” The main focus of this expansion will be an asset-light paradigm.

Singhania claims that the rapid speed of infrastructure development and the rising middle class’ increased desire to purchase high-end goods are indicators of the strength of the economy.

Singhania stated that its orders for exports are complete and it is adding new clients. It has established 19 new lines to its apparel industry and invested over Rs 200 crore.

“We enjoy the unique position of being a preferred supplier for global brands. Our order book for the Garment Export is full as we are continuously acquiring new customers it is a proud moment for Raymond being clothier to the world,” said Singhania.