Raymond Textiles targets 7% growth from suitings business in FY17

Raymond Textiles, a part of fabric manufacturer and apparel maker Raymond Ltd, are expecting a 7-8 percent growth in FY-17 coming mostly from the suitings business. This year, they hope to close at a turnover of around Rs. 2,300 crore, said Ram Bhatnagar, Vice President, Head Sales & Distribution – Textile, Raymond Ltd, on the sidelines of the launch of its ‘technosmart’ brand of fabrics.

Typically, suitings refer to fabrics used for making blazers, coats, jackets, suits and trousers. Apart from suitings, the other segments under textiles division include shirtings (fabrics for making shirts), made-to-measure garments and exports.

The growth will come organically, including new product ranges. Over the last one year, the company explored new offerings focussing on functionality.

The fabric, Raymond claims, is targeted at corporate travellers with focus on ‘functionality’ which means the fabric will see less creases (wrinkles), UV-protection and so on. Technosmart, is expected to bring in Rs. 100 crore over the next one year.

Interestingly, sources claim this focus on functionality has been Raymond’s strategy to beat a slump in the fabrics market.

Currently, Raymond has a near 60 percent market share in the Rs. 18,000-crore suitings segment, and a 90 percent share in the mid-to-premium ranges (for fabrics priced upwards of Rs. 600 per meter).

Over the last one year, Raymond has launched at least four new sub-brands such as Ibex, Qivuut, Beaver and Cool Wool.