India's Raymond set to boost regional presence

Gautam Singhania, chairman, Raymond.- Photo by Dhes Handumon

Indian branded and fabric retailer Raymond aims to strengthen its regional presence by opening new office in Riyadh and more stores across the GCC countries, officials said.
"Middle East market is doing well for us. Dubai, Abu Dhabi, Kuwait, Saudi Arabia - all these markets are faring well because there is a large Indian population which knows the brand and it works for us. Though there is a slight slowdown due to regional geopolitical situation, but it will bounce back soon," said Gautam Singhania, chairman, Raymond.
Speaking during his recent visit to Dubai for a conference, Singhania affirmed that the group will continue to invest in this market.
He disclosed that this region's contribution into company's revenues is small but it is growing year-on-year. "It's not just growing in Dubai but in the whole region. More shops are planned in Saudi Arabia and other regional countries." Sanjay Behl, chief executive officer, lifestyle, Raymond, said Middle East is one of the largest markets after India for the group and it benefits from a large Asian population staying here. "We have 7 stores in Dubai and we will add more. Across GCC, we have 23 outlets and we should be looking at another dozen in 2 to 3 years."
He further said that Raymond Middle East company was set up here with an aim is to target entire region by having company's own people on the ground - closer to the market and customers.
Behl revealed that Riyadh office would be operational in 6 to 9 months as the design element has been completed. In addition, the group is in discussion with multiple institutional buyers from airlines and defence industry, Behl added.
Raymond chairman Singhania said, "In India, we're expanding aggressively, adding one store every day. We have over 1,000 stores, so this year will have 1,300 outlets."
Expects double-digit growth for Raymond this year, he said elections will also be a key factor next year because elections create demand and money comes into system. The group aims to grow both organically and inorganically.
"As and when there is an acquisition, we'll certainly look at it. Whether it's FMCG, auto, apparel or in any of the sector in India or outside, we are open for the acquisitions," he added. - waheedabbas@khaleejtimes.com