Raymond to expand branded apparel business
India-based textile and apparel company Raymond Ltd is to double its presence in Karnataka, southern India, by opening 50 new stores in the area in the next two years. It plans to establish 950 stores in total by 2010.
The company posted a 9% increase in revenues for its third quarter ended December 31. Revenues totalled Rs3.5 billion ($88.4 million) compared with RS3.2 billion in the prior-year period. Sales rose 12% to Rs3.3 billion compared with Rs3 billion in the corresponding period a year ago.
Chairman and managing director, Gautam Hari Singhania, says: “Our apparel businesses continue on a high growth trajectory. Also the market for our branded fabric remains buoyant."
The company recently appointed Deepak Khetrapal as its new chief operating officer. The role was previously carried out by group president Pradeep Kumar Bhadari.
