look news india
Jaipur, August 30 (HS). Raymond Lifestyle Limited (RLL), a soon-to-be-listed separate entity of Raymond Group, has set a target of 15 per cent compound annual growth rate (CAGR) to achieve around seven percent market share in the fast-growing men's wear wedding market by 2027. The estimated size of the Indian men's wear wedding market is around Rs 75 thousand crore and Raymond is the largest branded company in this market with a legacy of 100 years. Raymond Lifestyle Limited has sales of Rs 2550 crore from the wedding business in FY 2024, which includes Raymond's wedding and ceremonial attire and its Indian ethnic wear offering Ethnics.
Commenting on the focus on the growing wedding market, Sunil Kataria, CEO, Raymond Lifestyle said, “The Raymond brand has a prestigious and strong position in the Indian wedding men's wear market. No wedding is complete without a Raymond suit. As ethnics have established their position in the market, we plan to expand our physical presence almost three times with 300 additional ethnics stores in the next three years. We believe we can achieve tremendous growth in the wedding segment, which will significantly strengthen our position as the market leader.”
He said that as a focused company with a pure play consumer business, RLL is moving forward on a three-pronged approach of strengthening its core identity related to branded textiles, further accelerating the growth of apparel and building new categories like ethnic wear, inner wear, sleep wear and international retail. RLL is also focusing on increasing its distribution presence in the country and plans to set up more than 650 exclusive brand outlets (EBOs) in the next three years. Raymond is the 10th strongest brand in India, and the only fabric and apparel brand recognized by Brand Finance. Inspired by the enduring legacy of 'The Complete Man', Raymond has always moved forward on the path of trust, quality and excellence. RLL is ready to take this legacy forward and will continue to strive towards modernizing men's fashion with the same timeless grandeur.