Raymond Textiles is targeting a 7-8 per cent growth in its suitings business next fiscal. Apart from suitings, the other segments under the textiles division include shirtings (fabrics for making shirts), made-to-measure garments and exports. The growth will come organically, including new product ranges. Over the last one year, the company explored new offerings focusing on functionality.
“We are expecting a 7-8 per cent growth in FY-17 mostly from the suitings business. This year, we hope to close at a turnover of around Rs. 2,300 crore,†Ram Bhatnagar, VP, Head Sales & Distribution – Textile, Raymond Ltd, told during the launch of its ‘technosmart’ brand of fabrics.
The fabric, Raymond claims, is targeted at corporate travellers with focus on ‘functionality’, which means the fabric will see less creases (wrinkles), UV-protection and so on. Technosmart, he said, is expected to bring in Rs 100 crore over the next one year.
Over the last one year, at least four new sub-brands such as Ibex, Qivuut, Beaver, Cool Wool and so on have been launched. Raymond, currently, has nearly 60 per cent market share in the Rs 18,000-crore suitings segment and a 90 per cent share in the mid-to-premium range (for fabrics priced upwards of Rs. 600 per metre), Bhatnagar said.