Raymond Group is one of India's largest textile and apparels brand and one of the leading, integrated producers of suiting fabric in the world. Raymond's, which promotes its almost 90-year-old brand under the 'Complete Man' concept, already sells its products in the US, Europe and East Asian markets, but as a B2B partner is all to expand into these developed markets with its `Made to Measure (MTM)' stores.
The company is currently looking for partners to expand its overseas business network, with plans to invest around Rs200 crore.
The bespoke model under Made to Measure is a more relevant proposition for the developed economies, and today, they are ready for a global footprint in Europe, America and East Asia, said Sanjay Behl, CEO of Raymond's.
They can also improve their gross margins by becoming the preferred supplier for worsted fabrics and garments and become an integrated solutions provider for the global market. From being a power brand in India, they want to become a global icon in lifestyle in the next five to 10 years.
Raymond's already has about 20 MTM stores across South and West Asia, besides the 70 MTM stores in the domestic market.
The company plans to enter the developed markets through franchisee model and is likely to appoint master franchisees for its garment brands such as Raymond Premium Apparel, Park Avenue, Parx and Color Plus.
Raymond's plan to take the total number of MTM stores to 300 in three years.
They are scaling up their Made to Measure stores in the metros while the expansion of 'The Raymond Store' will happen in the smaller tier 2 cities.
While consumers will vouch for Raymond fabrics, it is weak in the ready-to-wear segment. Despite its heritage, Raymond has been an under-leveraged brand in apparel and it's the third largest apparel player after Madura Garments and Arvind today.
Raymond's will remain more of a textile brand as about Rs3,700 crore of its total sales turnover of Rs4,500 crore comes from textiles. Textiles will remain the cash-cow for the company, while in apparel, it would be about investments. Retail margins are still higher in textiles at 25 per cent, while in apparel, it's at 10 per cent.
It may also re-enter the woman's and kids' wear segments through acquisitions. At the same time it is looking at new sources of funds, including private equity and monetising its land assets, to finance expansion.
The company has appointed a new advertising agency, Strawberry Frog, to reposition its brands in the competitive market.
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