Raymond Sees a 60 pc Demand Surge This Festive Season

"Demand growth is aided by the favorable low base of last year," Amit Agarwal, Group Chief Finance Officer of Raymond, said
Raymond Sees a 60 pc Demand Surge This Festive Season

The homegrown apparel company, Raymond is seeing a rise in demand to the extent of 60 percent this festive season since customers are spending more and returning to physical stores.  

“Demand growth is aided by the favorable low base of last year,” Amit Agarwal, Group Chief Finance Officer of Raymond, said.  

The CFO is hoping the demand momentum to continue further, aided by festive demand as well as marriage demand.

“We are seeing extremely strong demand. Both apparel and fabric segments are doing well. We are almost reaching pre-Covid levels. Compared to last year, I would say demand is up 60 percent (so far this festive season). We are seeing good demonstrable growth. There is a lot of enthusiasm among people in terms of shopping,” Agarwal added.

The finance executive stressed Raymond is not taking the pandemic situation lightly even as the demand environment looks encouraging and the infections are on the decline.

“Our stores are already full...We are seeing good traction in terms of people wanting to come, they want to drape the fabric on themselves, and go inside the apparel (stores). They want to touch and feel the fabric...If earlier the customer was spending X, now he is spending 1.2X,” Agarwal stated.

The finance executive hoped that the Covid third wave impact would be minimal. On the supply side, he said there could be some minor issues but assured that the company has good relations with its suppliers, and thus it doesn’t expect it to be a major challenge.

Raymond clocked INR 3,648 crore revenues in the financial year 2020-21. The pandemic significantly affected its revenues in the first half. However, the gradual unlocking in the second half of the fiscal, helped the company to witness an encouraging rebound in the market with the progressive recovery of consumer sentiments. There was a bounce-back in sales to almost three times in H2 as compared to H1FY21. In the fourth quarter of FY21, the company grew by 9 percent.

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