Raymond Lifestyle is targeting a CAGR of 15% to capture about 7% market share in the growing men’s wedding wear market by 2027. The company is positioned as the largest brand in the Indian men’s wedding wear market. 75,000 crore, the company said 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 last fiscal from its wedding business, which includes Raymond’s wedding and formal wear and its Indian ethnics. Offer ethnic clothing
The Mumbai-based company plans to open 800-900 new apparel and textile stores over the next three years, and its ethnic wear brand, Ethnix, will launch nearly 100 new stores this year alone.
“We believe we can achieve unprecedented growth in this wedding segment and significantly consolidate our position as the dominant market leader,” said Sunil Kataria, chief executive of Raymond Lifestyle.
Raymond Lifestyle is focused on strengthening its distribution presence in the country and plans to open more than 650 dedicated business centers in the next three years.
Raymond Group CFO Amit Agarwal said, “In the next three years, we anticipate that Raymond Lifestyle will double its Ebitda to over Rs 20 billion. We are also looking for 12-15% sales growth in the lifestyle segment.
“Raymond Lifestyle aims to capture around 7% market share in the dynamic men’s wedding wear market by 2027,” Agarwal said.