An apparel and textile maker, Raymond Ltd plans to double its turnover to Rs 1,000 crore over the next three-four years by focusing on its Park Avenue brand of male grooming products and home care brand Premium to revive its consumer packaged goods business.
Raymond has launched a set of mid-premium men’s perfumes under the Park Avenue brand,” Giriraj Bagri, CEO of Raymond’s consumer goods business said. They have launched an initiative called One Park Avenue, as they are trying to globalize themselves, they want consumers to get an identity (of the brand) which is the same wherever they buy it.
The brand Park Avenue – which includes apparel and personal care products—is already worth Rs1,000 crore, Bagri said. Raymond’s total consumer goods sales stand at nearly Rs 500 crore, chairman and managing director Gautam Singhania said at the relaunch of Park Avenue in Mumbai.
The domestic men’s grooming industry is estimated to be Rs 5,000 crore and Raymond said that it will be launching new products in the category. It also plans to evaluate opportunities in the women’s segment in future.
Raymond also plans to take Park Avenue range of men’s grooming products to global markets like West Asia, Nepal and Bangladesh in the next 6 months and will then look at ‘stable’ markets in the Middle East.
– Apparel and Textile News, Apparel Talk, Indian Apparel
