Can Raymond be a Turnaround Story?
Raymond is a very prominent name in Men’s Suiting. I guess everybody in India would know the Brand Name. But not many people would know that Raymond is also present in Realty as well as in Engineering in national and international markets. They also had a Consumer Care business which is acquired by Godrej Consumer Products Ltd. for 2825 crore. As this sale took place, they turned debt free 2 years ahead of guidance. They currently have 1100 crore on cash as of September, 2023. Additionally, Raymond issued NCD of 1,700 cr to RCCL to facilitate the repayment of external debt of 1,029 cr in 1QFY24. Under their textile business, they cater to the B2B and the B2C space. They have brands like Raymond, Park Avenue, Parx and Colorplus. They also cater to Indian wear via their brand Ethnix. They have also diversified themselves into Custom Tailoring. The company has made 46 net store additions during the quarter to take total at 1,453 as of Sep’23 v/s 1,376 in Sep’22. Raymond plans to o...