Raymond to invest Rs 350 cr in expansion this year
The Raymond, textile major, plans investment of Rs 350 crore in capacity and retail expansion this year. Of which Rs 200 crore will be allocated to manufacturing expansion, both in India and offshore, while Rs 150 crore will go towards retail expansion, Sanjay Behl, CEO, Raymond said.
The company will be setting up a large suiting manufacturing plant in Ethiopia in Africa that will be operational this year and has also undertaken a significant expansion in Amravati in Maharashtra for cotton fabric.
The Ethiopian plant will manufacture two million jackets, and the Amravati plant has a capacity of three million metres of linen fabric that will be added this year.
The Brand is also looking to expand its retail presence to about 1,500 stores by 2020. The company will open nearly 150-200 stores this year. It has more than 1,000 retail stores that are franchise based.
It has also tied up with the Khadi and Village Industries Commission (KVIC) and launched its branded Khadi by Raymond to promote the fabric globally. The new label will be available at KVIC outlets, besides its own, across India and leading e-commerce portals beginning August this year. Raymond brands include Raymond (ready to wear), Raymond Made to Measure, Color Plus, Park Avenue and Parx.
Apparel and Textile News, Apparel Talk, Indian Apparel