Raymond plans to expand ethnic wear brand Ethnix with 100 new stores

Leading textile and fabric manufacturer Raymond has plans to add over 100 stores of its ethnic wear brand 'Ethnix by Raymond', the latest annual report of the company said.

Raymond, which has introduced Ethnix format couple of years ago as a brand for occasions and celebrations, now has over 114 stores.

The company intends to fuel growth with 'Ethnix By Raymond' as it taps into the exponentially growing segment of ethnic wear in India, it said.

"As the Indian weddings are getting glitzier and people are celebrating the various occasions, we have expanded are our store footprint by taking Ethnix by Raymond to the length and breadth of the country," Chairman and Managing Director Gautam Hari Singhania said while addressing shareholders.

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Ethnix business is already contributing to the topline of the branded apparel segment of Raymond with its strong performance.

"Going forward we will open more doors for this category and will be celebrating with Bharat by adding 100+ of new stores of Ethnix by Raymond in fiscal 2025," said Singhania.

Besides stores, the company is also expanding "ethnic line under the brand Ethnix by Raymond", it said, adding that in FY24 the brand added 53 stores to its network.

Raymond's Ethnix comes under its branded apparel business, which had a sales of Rs 1,587 crore for the financial year ended on March 31, 2024.

This segment also includes brads as Raymond Ready to Wear, Park Avenue, ColorPlus, and Parx.