Raymond Ltd, an apparel and textile maker focusing on its Park Avenue brand of male grooming products and home care brand Premium to revive its consumer packaged goods business, as it plans to double turnover to Rs 1,000 crore over the next three-four years.
Raymond is present in the FMCG space through its subsidiary JK Helene Curtis, which makes the Park Avenue brand of menâ€™s grooming products. It was begun in 1964 as JK Ansell.
Raymond has launched a set of mid-premium menâ€™s perfumes under the Park Avenue brand and is reviving the brand of air fresheners, talcum powders and cologne Premium as part of this attempt, said Giriraj Bagri, CEO of Raymondâ€™s consumer goods business.
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 Avenueâ€”which includes apparel and personal care productsâ€”is already worth Rs1,000 crore, Bagri said.
Raymondâ€™s total consumer goods sales stand at nearly Rs500 crore, said chairman and managing director Gautam Singhania, at the relaunch of Park Avenue in Mumbai.
Sales at Park Avenue male grooming business grew 10% in 2016, as per market research firm Euromonitor. Euromonitor estimates the market is expected to grow at 5% compound annual growth to become Rs10,550 crore by 2021.
It is fashionable for a lot of companies to enter into male grooming because it is an obvious area to go seeking for growth,Bagri said.
Raymond also plans to take Park Avenue range of menâ€™s grooming products to global markets like West Asia, Nepal and Bangladesh in the next 6 months and will then look at â€˜stableâ€™ markets in the Middle East.
The domestic menâ€™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 womenâ€™s segment in future.
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