Speaking at a CII seminar on Retail 2002 here, Raymond executive director (retail) Aniruddha Deshmukh said the company is trying to shed its image as a brand for the middle-aged and old which is not always the case. We have a big strength in our marriage apparels which is exclusively for young people, he added.
Outlining the slew of new initiatives that Raymond has embarked upon of late, Mr Deshmukh said a significant increase in marketing of fabrics and garments under one roof will be a key area in future for Raymonds and so will be development of mall formats.
Raymonds exclusive pret-a-porter line of fusion designer wear BE too will debut in 10 outlets in India by the end of the current fiscal. As of now BE is available in New Delhi, Bangalore, Ludhiana, Mumbai and Hyderabad and will soon enter Kolkata.
The BE stores will need an investment of anything between Rs 25 lakh and 40 lakh as the cost for furniture in addition to a two-month stock, he said.
We wish to see retailing as a separate profit centre servicing the needs of the textile as well as our garments business. Our growth model for the future will be entirely franchisee driven, Mr Deshmukh said.
Commenting on the new trend in customer preferences, he said for Raymonds about 30 per cent of the companys business now comes from fabric while 50 per cent is from garments.
Raymond has divested a lot of non-core businesses like cement and steel in the last couple of years and has acquired Color Plus to fortify its brand positioning.