At a summit held in Mumbai last month, Sunil Kataria, CEO of Raymond Lifestyle, discussed Raymond’s strategic initiatives aimed at enhancing its appeal among younger demographics and bolstering its ready-to-wear category.
Kataria emphasized Raymond’s strategic pivot towards casualization within the menswear segment, aiming to offer a diverse range of options to align with evolving consumer preferences.
Reflecting on the challenges of predicting consumer behavior, particularly in the post-pandemic landscape, Kataria highlighted the profound impact of the “You Only Live Once” ethos, influencing decisions across generations. He noted a heightened focus on health and safety among consumers, shaping their purchasing choices.
The trend towards premium products over mass-market offerings has been accelerated by changes in consumer behavior, generational shifts, and economic dynamics, according to Kataria. He also noted the middle class’s growing inclination towards premiumization and bridge-to-luxury categories.
Discussing the evolving retail landscape, Kataria observed a resurgence in offline retail post-pandemic, while e-commerce has stabilized at levels surpassing those seen before the pandemic. This indicates notable shifts in both offline and online retail channels.
In terms of pricing and market strategies, Kataria underscored Raymond’s focus on defining its target market, spanning from mid-range to premium segments. He emphasized the company’s anticipation of an upward shift from the unbranded to branded market, with plans for further expansion.
Maintaining a commitment to product quality and branding, Raymond has diversified its product portfolio in the ethnic wear category to resonate with diverse consumer segments.
In pursuit of its growth objectives, Raymond aims to expand its footprint within the ethnic wear category by adding over 125 stores in the next 12-18 months, thereby increasing its retail presence and capitalizing on emerging market opportunities.
