Raymond aims at 25 per cent market share in mid-price readymades

Kochi, Jun 1 (UNI) Raymond Apparel Ltd. (RAL), which had so far limited itself to high end and premium brands of men's clothes, is now targeting a 25 per cent market share in the ''popular price'' segment, company president Shreyas Joshi said today.

Addressing a press conference here to announce the launch of RAL's 'Notting Hill' brand of men's clothes in Kerala, Mr Joshi said the new brand offered ''fashion garments at popular prices.'' ''Notting Hill is a complete value-for-money men's wear brand with fashion, fit, styling and afordability as the key differentiators.

Besides formal and casual wear, the brand will also offer accessories such as cufflinks and ties,'' he said.

Raymond Apparel, known for premium and high end brands such as Park Avenue, ColourPlus and Parx, was now ready to make a foray into the popular price segment, targeting young professionals in the age-group of 22 to 30 years and with household incomes ranging from Rs 1.75 lakh to Rs three lakh.

The 'Notting Hill' brand was launched in Maharashtra three months ago. The company planned to cover the entire country by September-end through 400 points of sale, which would include its exclusive 'The Raymond Shops'. This would include two or three stores in Kochi and Thiruvananthapuram.

Mr Joshi said the Indian market for readymade clothes was worth about Rs 88,000 crore, of which the organised sector had a share of less than ten per cent. With the Notting Hill brand, Raymond was aiming at a 25 per cent share of the popular price segment, which was the fastest growing, he added.

While men's clothes constituted about 37 seven per cent of the market, women's clothes contributed about 32 per cent, he said.

However, for the present, RAL had no plans to enter women's readymade wear, he said.

UNI