Raymond Lifestyle Eyes 7% Share In Men's Wedding-Wear Market By 2027
It aims to open 800–900 new apparel and textile stores over the next three years, with Ethnix set to launch nearly 100 new stores this year.
Raymond Lifestyle Ltd. is eyeing a 15% compound annual growth rate to attain around 7% market share in the fast-growing men's-wear wedding market by 2027. The company enjoys the position as the largest brand in the Indian men’s-wear wedding market, estimated at around Rs 75,000 crore, the company said in a release on Tuesday.
Raymond Lifestyle, which is set to emerge among the top three global fabric suppliers by the end of this year, had sales of Rs 2,550 crore from the wedding business in the last financial year, which includes Raymond’s wedding and ceremonial attire and Ethnix, its Indian ethnic wear offering.
The Mumbai-based firm aims to open 800–900 new apparel and textile stores over the next three years, with its ethnic clothing brand, Ethnix, set to launch nearly 100 new stores this year alone.
"We believe that we can achieve unparalleled growth in this wedding segment, significantly consolidating our position as the dominant market leader," Sunil Kataria, chief executive officer at Raymond Lifestyle, said.
Raymond Lifestyle is focussed on enhancing the distribution presence in the country and plans to set up over 650 exclusive brand outlets over the next three years.
"In the next three years, we anticipate Raymond Lifestyle doubling its Ebitda to over Rs 20 billion," Amit Agarwal, chief financial officer of Raymond Group, said. "We are also looking towards a 12–15% sales growth in the lifestyle sector."
"The aim for Raymond Lifestyle would be to capture around 7% market share in the dynamic men's-wear wedding market by 2027," Agarwal said.
