Raymond spins out FMCG Group
The textile giant Raymond has spun out a fast moving consumer goods (FMCG) group to extend the famous apparel brand to over a dozen personal and home care products. The 90-year-old company already has JK Helene Curtis, which sells Park Avenue deodorants, and JK Ansell, the maker of Kama Sutra condoms, with a combined annual revenue of Rs 800 crore. The new division will house Raymond products, along with new brands spread across skin and hair care segments.
The textile giant Raymond has spun out a fast moving consumer goods (FMCG) group to extend the famous apparel brand to over a dozen personal and home care products. The 90-year-old company already has JK Helene Curtis, which sells Park Avenue deodorants, and JK Ansell, the maker of Kama Sutra condoms, with a combined annual revenue of Rs 800 crore. The new division will house Raymond products, along with new brands spread across skin and hair care segments.
The company has roped in ITC Foods COO Giriraj Bagri as president. Rajeev Bakshi, former MD of Metro Cash & Carry, Pepsi and Cadbury, will be an ex-officio chairman to advise on the new segment.
“Our vision is to be player of choice amongst the emerging and enterprising India for their daily, personal and home care needs. We are a premium lifestyle products group, committed to offer innovative products to the rising youth of India,†said Gautam Hari Singhania, chairman of Raymond.
The country’s beauty and personal care market is worth Rs 75,000 crore and registered a 16 per cent growth over the past five years, according to Euromonitor. Growth tapered off last year due to sluggish consumer demand for mass products, which account for the majority of the segment’s sales.
The portfolio expansion could also mean tweaking its distribution model, which thrives on selling the bulk of its wares from more than 1,000 exclusive Raymond stores, among other multi-brand outlets. While the company will add new outlets to expand reach, they will mostly be restricted to urban areas.
