Raymond receiving large number of biz inquiries after B’desh crisis: CMD | Company News
Singhania said Raymond’s capacity expansion has come online, which is perfectly timed | File image
Leading textiles and apparel company Raymond has received a “huge number of inquiries” from global firms after the crisis in neighbouring Bangladesh and is ready to grab this opportunity, its Chairman & Managing Director Gautam Hari Singhania said.
Raymond, which has invested in its garmenting facility to become the third largest suit maker in the world, is ready to “take advantage” from the current situation, Singhania told PTI.
“Bangladesh does not have a fabric supply. India has got a great opportunity to take advantage of this fabric supply because we have the fabric base here. They have (only) garmenting base,” said Singhania.
Singhania said Raymond’s capacity expansion has come online, which is perfectly timed.
“So we are lucky to have those capacities,” he said, adding, “we are… always looking for opportunities”.
The company has divested Raymond Lifestyle, following its demerger with parent company Raymond, which is all set to list this week. This would house all apparel-related businesses of the nearly 100-year-old Raymond group.
Besides Bangladesh, the world is also working on a ‘China+1’ strategy, making India a preferred sourcing destination.
“This is playing to our advantage, leading to stronger business relationships with existing customers and presenting multiple opportunities for new markets and customer acquisition,” he said.
“Everybody needs a hedging strategy. Nobody would like to put all the eggs in one basket,” the Raymond CMD added.
Moreover, the quality of work done in India in apparel-related work is better than in China.
“China is about quantity, if you want cheap quality, go to China and India is about value. They are volume and we are value and quality,” Singhania said.
Raymond’s Garmenting Unit is a white-labelled manufacturer and an integrated supplier of high-value clothing products to leading international brands.
According to its latest annual report, Raymond has a capacity to produce 7.5 million pieces of jackets, trousers and shirts in India and 3.2 million in Ethiopia.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 01 2024 | 12:01 PM IST
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