The violence and political disaster in Bangladesh have resulted in “big variety of inquiries” from world companies for main textiles and attire firm Raymond, Chairman and Managing Director Gautam Hari Singhania mentioned.
Raymond, which has invested in its garmenting facility to develop into the third largest swimsuit maker on the planet, is able to “take benefit” from the present scenario, Singhania advised PTI.
The Raymond CMD sees constructive indicators on the potential of shifting of some garmenting enterprise to India from Bangladesh.
India is better-placed with its end-to-end provide capabilities linking all levels as firms like Raymond are current in each material and garmenting enterprise, which, in flip, will save time for worldwide manufacturers additionally on closing supply, he mentioned.
“Bangladesh doesn’t have a cloth provide. India has obtained a terrific alternative to reap the benefits of this material provide as a result of now we have the material base right here. They’ve (solely) garmenting base,” mentioned Singhania.
Although Indian labour could also be costlier than Bangladesh, it’s a politically steady nation with a big center class with nice consumption and manufacturing capabilities, the Raymond CMD mentioned.
The corporate has divested Raymond Life-style, following its demerger with mother or father firm Raymond, which is all set to record this week. This might home all apparel-related companies of the practically 100-year-old Raymond group.
Singhania additionally highlighted the constructive influence of the ‘China+1’ technique, which is making India a most popular sourcing vacation spot.
“That is enjoying to our benefit, resulting in stronger enterprise relationships with present clients and presenting a number of alternatives for brand spanking new markets and buyer acquisition,” he mentioned.
The Raymond CMD additionally praised the standard of labor completed in India within the apparel-related section in comparison with China.
Based on its newest annual report, Raymond has a capability to provide 7.5 million items of jackets, trousers and shirts in India and three.2 million in Ethiopia.
Raymond Ltd on Tuesday reported a 26.7 per cent enhance in consolidated internet revenue from persevering with operations at Rs 57.04 crore within the first quarter ended June 2024.
The corporate posted a consolidated internet revenue of Rs 45.02 crore from persevering with operations in the identical quarter final fiscal, Raymond Ltd mentioned in a regulatory submitting. Income from persevering with operations within the first quarter stood at Rs 937.65 crore as towards Rs 473.37 crore within the year-ago interval, it added.
Through the quarter ended June 30, 2023, a scheme of demerger of the life-style enterprise of Raymond Ltd into Raymond Life-style Ltd was accorded board approval. The demerger of the life-style enterprise was accomplished on June 30, 2024, the corporate mentioned, including the itemizing of Raymond Life-style Ltd is predicted within the second quarter of this 12 months.
