By 2022, the company hopes to have 2,000 operational stores. Interestingly, two thirds of these will be located in the tier III, IV, V and VI towns, in the smaller retail format — The Mini Raymond Shop.
Written By Venkata Susmita Biswas
Merchandising in the smaller stores will veer towards affordable price points.
Raymond recently demerged its lifestyle business comprising branded apparel, branded textile and garmenting from its other businesses namely, FMCG, realty, auto components, and tools and hardware, to “unlock the potential of its textile and apparel business”.
The company has been trying to make the nearly-100-year-old brand more relevant to younger consumers. Apart from launching a ready-to-wear range, shoes, accessories and a premium service called Raymond Made to Measure over the last five years, Raymond has recently added ethnic wear and athleisure to its offerings.
The company has been rapidly expanding its retail footprint, claiming to open “nearly one store a day”. “We have doubled our retail footprint in the last five years, going from just 750 stores in 2014 to 1,500 stores today,” says Sanjay Behl, CEO – lifestyle business, Raymond.