Raymond Recorded Its Highest-ever Growth As Wedding Season Increased Consumer Spending

One of the finest clothing brands in the country Raymond recorded its highest-ever growth in its revenue as the big fat Indian wedding season created a huge demand among consumers. Raymond conglomerate is known for its dapper suits and fashionable textiles and has 1400 clothing showrooms across the country.

The company’s Chairman and managing director Gautam Hari Singhania said in an interview, "We have witnessed a sharp turnaround in our sales due to higher consumer spending in our stores [following the COVID-19 pandemic]," and he hoped that this will continue in upcoming wedding seasons. 

Around 3.2 million weddings were hosted in November and December, according to retail trade body the Confederation of All India Traders, which would have generated a whopping 3.75 trillion rupees ($45.5 billion) of the business overall for sectors including clothing retail. That compares with 2.5 trillion rupees over the same period in 2019, before the pandemic struck, and about 3 trillion rupees last year as traditional ceremonies started to return.

The company recorded its highest-ever sales of around 22 billion rupees in the three months that ended in September last year.  Its sales were up by 38 per cent from the same time compared to 2019. Raymond has a market valuation of nearly 105 billion rupees. 

Raymond, a wool mill near Mumbai set up in 1925 originally supplied blankets to the armed forces in the country. Albert Raymond and Abraham Raymond were the two directors of the mill that’s why today we know it as ‘Raymond’. 

In 1944, before the independence of India Singhania family brought the company from Britain and now it has 19 factories in the country and one in the East African Country Ethiopia. 

The brand known for its textile business has also diversified is business in consumer products ranging from shaving cream to condoms. Also, in technology such as auto parts. Raymond also runs a real state business selling apartments on the outskirts of Mumbai. 

Singhania told a media house, "Our real estate sales are up three times in the September quarter when compared to the same period of 2019 before COVID and we expect this trend to continue," and "We now plan to hive off the real estate division into a separate company for better focus," he added. 

Textiles and clothing contributed are a major source of revenue for the company it contributing to 50 per cent revenue of the company.

"We reported a sharp rise in sales in the September quarter as our overseas clients ordered more suits and shirts as they sought other suppliers apart from China," he said.

In the coming months, Raymond aims to open more stores in smaller towns to cash in on rising consumer spending, while broadening its clothing lines to include more traditional Indian garments -- often popular during Hindu wedding rituals.