MUMBAI : Textile and apparel major RaymondBSE 6.37 % will invest Rs 350 crore in capacity and retail expansion this year, the company said today.
This will help increase its attire deal and develop the texture business throughout the following couple of years, a senior organization official said.
“Of the Rs 350 crore, Rs 200 crore will be dispensed to assembling development, both in India and seaward, while Rs 150 crore will go towards retail extension,” Sanjay Behl, CEO, Raymond, told media here.
The organization is setting up a vast suiting producing plant in Ethiopia in Africa that will be operational this year and has likewise embraced a noteworthy development in Amravati in Maharashtra for cotton texture.
“The Ethiopia plant will fabricate 2 million coats, and the Amravati plant has a limit of 3 million meters of cloth texture that will be included for the current year,” Behl said.
Raymond is likewise hoping to extend its retail nearness to around 1,500 stores by 2020.
The organization will open about 150-200 stores this year, Behl demonstrated. Raymond has more than 1,000 retail locations that are establishment based.
Raymond brands incorporate Raymond (prepared to wear), Raymond Made to Measure, Color Plus, Park Avenue and Parx.
It has additionally tied up with the Khadi and Village Industries Commission (KVIC) and propelled its marked Khadi by Raymond to advance the texture comprehensively.
“We are building capacity in completing, plan, and circulation for khadi and contributing well ordered,” he said.
The new label will be available at KVIC outlets, besides its own, across India and leading e-commerce portals beginning August this year.