Raymond Lifestyle plans to open 650 new exclusive brand outlets over the next two years, bringing the total number of stores in its distribution network to 2,000. Out of these, 300 stores will be dedicated to the Ethnix brand of men’s wedding wear, which was launched 18 months ago.
During a news conference in Ahmedabad on Thursday, Raymond Lifestyle CEO Sunil Kataria stated that the men’s wedding wear market is valued at Rs 75,000 crore, with Raymond being the market leader in this category, achieving annual sales of Rs 2,250 crore in FY24. Kataria expressed the company's intention to solidify its position as the market leader with the Ethnix range and aims to attain a 7% market share by 2027.
Raymond Limited is currently undergoing demerger into three separate listed entities: Raymond Lifestyle, Raymond Real Estate, and Raymond Engineering. Preceding its post-demerger listing, the management of Raymond Lifestyle, which owns the Raymond fabric brand and the Park Avenue, Parx, ColorPlus, and apparel RR brands, is visiting major cities to explain the new company’s strategy. This strategy includes filling the gaps that exist in its menswear product portfolio, such as Park Avenue men’s innerwear and a range of sleepwear for men under the new Sleep Z brand.
Raymond’s fabric manufacturing unit is located in Vapi, Gujarat, and it operates four units in Bangalore employing 1200 people for making suits. The company is a significant exporter of readymade suits and has invested Rs 200 crore in its Bangalore facilities over the last two years.
