INDIA: Raymond plans overseas expansion

KOLKATA: Raymond is planning to make overaseas expansion, taking full advantage of the quota free era which will soon begin.

The company which already has a garmenting factory in Portugal, catering European market, is now looking to setup more manufacturing bases abroad.

Raymond is looking at overseas destinations on various factors like brands, logistics, distribution and manufacturing facility.

Nabankur Gupta, group president and whole time director of Raymond, said the company was evaluating number of opportunities at present.

"There are many proposals. We are looking at them. Nothing has been finalised as yet. It has to make financial sense for the company," Gupta said.

"These are important issues that we will look at while choosing a location. Geographically, we are open to all destinations," Gupta pointed out.

However, the company is also expanding its capacity within India to make grades suitable for the export market.

A factory for suits and jackets just went on stream. Another unit for denim uppers and jeans will be ready by the middle of next year while a shirt manufacturing base will start producing from next year. All three units are located in Bangalore.

"Already we are exporting to some of the best brands like Levis, GAP, Zara. Now the value addition will be done in India and we could be exporting to these companies only," Gupta pointed out.

Investment of Rs 225 crore (Rs 2.25 billion) is planned for the expansion programmes.

Moreover, for expanding capacity of its existing denim manufacturing facility at Yavatmal, Maharashtra, from 20 million meter to 30 million meter, it will invest of Rs 127 crore (Rs 1.27 billion).

Raymond with Park Avenue, biggest single apparel brand, is also consolidating domestic business. "At present, sales from fabric is 80 per cent while that from garments 20 per cent. We presume, share of garment will grow," Gupta noted.

Raymond has 313 exclusive outlets in India contributing about 35% of total sales. It plans to expand domestic presence by new outlets using the mall format.

Internationally, it will also strengthen its presence by opening more outlets, Aniruddha Deshmukh, president (retail) informed.

November 19, 2004

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Added: November 19, 2004 Source: Agencies
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