Raymond, textile company had witnessed a consolidated net loss of Rs. 32.85 crore in Q1 June 2014.Gautam Hari Singhania ,Chairman and Managing Director of Raymond’s, had promised that the company would work on its brand building ,retail network expansion ,capacity expansion and chiefly in its investment.
Thus to make up for the June losses, one of the top Textile Companies of India, plans to launch an e-commerce venture this quarter. Its personalized tailoring division, under the ‘made-to-measure’ business head, will also be a part of the venture.
Sanjay Behl, CEO, Lifestyle, Raymond, said that this quarter, our e-tailing site will be launched. There is a proposition for the ‘made-to-measure’ (MTM) segment to be pushed through concierge services, whereby customers can give their measurements.
We will continue to fund our top line growth by advertising, upgrading and expanding our retail network. All our apparel brands have grown this quarter, except Parx (casual wear fashion brand), which contracted by 18 per cent due to inventory correction.
Though the company’s Website has online sales, it is restricted to the personal care range of group company JK Helene Curtis, deodorant brands under Park Avenue and Raymond, and the shampoo brand under Park Avenue.
The company’s CEO shares his views saying that the company expects its shirting fabric to add to the growth of textiles. About 50 crore was the top-up on account of the shirting element, in the 27 per cent growth recorded by the textiles segment this quarter. We have two-three per cent improvement in the operating margins for suiting.
With capital expenditure at 44 crore during the quarter, the textile company would be assigning a capex for the year which would just above depreciation levels. Our capex for the year will be slightly above depreciation as we have to push for capacity expansion and retail. We would be investing for growth and are looking at having stable margins going forward.
Raymond has turned lucrative by reducing its losses by 34 per cent in the first quarter. Now the company looks forward at expanding and renovating its offline stores. It plans to add 150 new stores in the coming quarters, mainly for its exclusive Park Avenue, ColorPlus and MTM stores. Another 50-odd Raymond shops will be renovated.
With Park Avenue, the company’s largest selling brand grew at 21 per cent, followed by ColorPlus at 19 per cent, and Raymond Premium Apparel at 12 per cent, Raymond anticipates gaining its kudos back again.
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