Raymond Ltd. is indeed passing through an exciting growth phase. The company has unleashed a series of initiatives which would strengthen its business globally and in the domestic market. In order to be globally price-competitive for the export market, Raymond established a garmenting plant in Ethiopia as a strategic move to ensure duty-free access to key export markets such as the US and Europe. This is an important aspect of an integrated strategy. It will prove to be a catalyst for a new wave of growth for the company.
In a bid to augment growth of linen as a category, the Raymond Group inaugurated its manufacturing facility at Amravati in Maharashtra inspired by the ‘Make in India’ initiative. This facility will give the much-needed boost for linen manufacturing in the country and help it emerge as a preferred provider of linen in global markets.
Commenting on the company’s performance during the first half of FY19, Mr. Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, “We are delighted to report our profitable growth momentum in a relatively subdued consumer demand environment. The impetus is on our sustainable business processes due to which we have been able to end the first half of the financial year with a strong performance. The initiatives that we have undertaken in recent past are yielding strong results and with seasonally strong quarters coming in, we are confident to continue on the growth trajectory, enhancing value for all our stake holders”.
The Amravati plant will focus on High Value Shirting with a capacity of 4.8 mn mt Linen & Blended Fabrics & 1,200 tons of Linen Yarns. The Ethiopia Plant will focus on Garmenting with a capacity of 2.4 mn pieces to meet the demand for increasing global business.
“At Raymond, we are at the cusp of transformation today. As we continue to shape our future and build sustainable competitive advantage through our products, brand, retail and enabling platforms, it is imperative that we embrace customer centricity which is now at the heart of Raymond Reimagined”, said Mr. Singhania.
Today, India is one of the fastest growing economies in the world, poised to record a healthy growth rate of 7% on the back of consumption and increased public spending. There are thousands of thriving markets beyond the urban metros that uphold the power to fuel the nation’s economic engine. This growth will get accelerated with a slew of ecosystem enablers.
Make in India, Skill India and Start-up India
Mr. Singhania said: “Having pledged to the ‘Make in India’ initiative, it is our endeavour to contribute to the manufacturing-led job intensive growth of our nation. Reaffirming our commitment, Raymond commissioned a state-of-the-art linen manufacturing unit in Amravati in December 2017, within a record span of 18 months of signing the MoU. In the next phase, we plan to set up a world-class educational institution and an affordable housing facility in the vicinity of the Amravati plant, thereby providing a stable foundation for sustainable development and prosperity of the Vidarbha region in Maharashtra”.
In line with its global ambitions to emerge as a leading manufacturer of suits, Raymond commissioned a garmenting facility in Hawassa, Ethiopia. This facility commissioned in June 2017, will provide duty-free access to its products in the US and Europe over the next decade, in addition to providing the company with an unprecedented cost competitiveness in global markets.
