RAYMOND TO DOUBLE FMCG TURNOVER TO ₹1,000 CRORE IN 3 YEARS
Textile and apparel major Raymond is sharpening its focus on its FMCG business as it plans to double turnover to ₹1,000 crore over the next three to four years. According to a PTI report: Raymond is present in the FMCG space through its subsidiary JK Helene Curtis, which makes the Park Avenue brand of men’s grooming products. It was begun in 1964 as JK Ansell.
The combined FMCG revenue between the two companies is ₹500 crore at present. The Raymond group had recently acquired Ansell’s stake in the sexual wellness and personal care brand Kamasutra, from joint venture entity JK Ansell and expects to get regulatory approvals shortly, it said.
“We are transforming the whole group. What has not been achieved in the past 50 years in the FMCG business (for the group), we want to achieve in less than five (years),” Gautam Singhania, Chairman and Managing Director, Raymond, was quoted by PTI as saying. Giriraj Bagri, Raymond’s FMCG Chief Executive Officer, reiterated that the company expects to reach ₹1,000 crore sales in the next three to four years.
“One Park Avenue is another significant step that will strengthen our FMCG play both nationally and internationally, which is an important driver for value creation for us,” Singhania was quoted by PTI as saying.