New Delhi, Nov. 10: After buying out the Color Plus brand recently for Rs 50 crore, Raymond is looking to add more brands to its range—either through acquisitions or new launches.
“We are looking at the option of buying out more readymade men’s wear brands that will complement our portfolio,” whole-time director of the Mumbai-based Raymond Ltd Akshay Singhania said.
Raymond has a separate unit for apparels—Raymond Apparels—which has the men’s range shirt of Park Avenue, Parx and Manzoni, and now the Color Plus range of upper-end readymade wear. Singhania said it had not yet decided whether Color Plus will remain a separate company or be merged with Raymond Ltd. Raymond had not only acquired the Color Plus brand, but its entire 55 exclusive outlets and production facilities as well.
Singhania said Raymond may also considering acquiring international brands present in the Indian market.
On a different note, Singhania said Raymond plans to launch an international brand in the next five years. “Work at this stage is at a conceptual stage to launch an international brand and details are yet to be worked out,” he said. The international brand project will have England-based designer Jill Lawrence on it, who will also design the readymade garments that are sold abroad.
Raymond, which exports fabrics worth about Rs 200 crore, already has its exclusive outlets in West Asia, Sri Lanka and Bangladesh, where its readymade range is also sold. Singhania did not reveal the size of the war chest he had built to finance the company’s ambitious plans, but said the launch of an international brand would cost over $ 12 million.
However, he said finance would not come in the way of acquiring new brands. “Raymond has a cash balance of Rs 600 crore because of the recent divestments,” he said.