Raymond is increasing its garment production capacity by one-third. This expansion will make Raymond the third-largest suit maker in the world and help the company benefit from the China plus one strategy. The company is also adding women’s tailoring and high-value casual wear to its product range.
“The China+1 strategy is helping us build stronger business relationships and enter new markets,” said Raymond in its annual report. This move supports the government’s Make in India initiative, noted Chairman and Managing Director Gautam Hari Singhania.
Once the expansion is complete, Raymond will be the third-largest suit maker globally, Singhania added. This expansion boosts Raymond’s global presence and strengthens its domestic manufacturing, said CFO Amit Agarwal.
Raymond’s garment unit makes high-value clothing for top international brands, generating Rs 1,139 crore in revenue in FY24, with 95% of this from exports to the US, Europe, and Japan.
The unit produces men’s wear, including suits, blazers, jackets, trousers, denim, and shirts. Raymond expects high demand for formal jackets, trousers, and shirts from markets in the US, UK, and Europe. Raymond’s facilities can produce 7.5 million pieces of jackets, trousers, and shirts in India and 3.2 million in Ethiopia.
