Raymonds on Thursday said that it is setting up a manufacturing facility in Amravati as a part of ‘Make in India’ campaign. “We are looking to invest Rs 150 crore in Amravati facility. The unit will be ready by April 2017,” Raymonds told CNBC-TV18. It further added that its focus will be on lifestyle business for growth.
Earlier this year, the Fabrics and garments firm said that it will strengthen brand presence in the Middle East and South Asian countries as part of its overseas push. “Our products get acceptance in 55 countries. Now we are aiming to make the brand Raymond even stronger in the Middle East and South Asia,” Sudhanshu Pokhriyal, President suiting Raymond Limited said. He said the company recently opened an office in Dubai, which would look after the middle eastern markets. The company was also supplying fabrics to leading garments manufacturers in the US, Europe and Japan, Pokhriyal said. Talking about textiles division of Raymond, he said, it was contributing about 35 per cent to the overall revenues.
Pokhriyal said the division’s revenue in last fiscal was Rs 2,300 crore, which was expected to grow at 10 per cent year-on-year. Regarding the suiting business, he said it was growing in single digit, which was mainly due to the sluggish economic growth. The eastern region is the biggest for Raymond in terms of sales, the official said adding, the largest portion of sales comes from the retail outlets and multi-branded outlets.