Raymond eyes revenue of Rs 150 crores

New Delhi, Sept 5 (UNI) Targeting a revenue of Rs 150 crore, leading textile and apparel company Raymond Ltd today announced its foray into women's wear segment.

''The women's wear segment is growing exponentially in India and is a natural fit into our overall growth strategy. We are eyeing a revenue of Rs 150 crore over the next three years from this category,'' Raymond Ltd Chairman and Managing Director Gautam Hari Singhania told reporters here.

The total premium women's western market in the country is estimated at Rs 2,700 crore. The newly-introduced 'ColorPlus Woman' will vie for a share of Rs 800 crore in 'premium' western wear segment, growing at a rate of 20 per cent per annum, he said.

Colourplus, a premium casual wear brand owned by Raymond Ltd, will also venture into kidswear segment by December 2008, Mr Singhania said.

Raymond last year forayed into the kid's apparel market with its exclusive brand 'Zapp'. The company invested close to Rs six to seven crore in the national roll out of exclusive 'Zapp' outlets.

In the textile apparel space, Raymond clocked a Y-o-Y growth of 35 per cent and is optimistic of growing fast. It has reduced its capex plan this to year to Rs 500 crore.

''The capex money will be spent on expansion of the garment industry,'' Mr Singhania said.

The company opened its two exclusive stores for women's collection today and is planning three other outlets in the days ahead.

ColorPlus Chief Operating Officer Vineesh Chadha said it is also mulling to take this segment to eight metros including Delhi, Hyderabad, Mumbai, Chennai, Pune, Kolkata, Bangalore.

''The company is also planning to come up with 175 point of sale for this segment across the country by 2010,'' Mr Chadha said.

Colorplus is the premium men's brand that Raymond acquired in 2002.

UNI