Raymond eyes Rs 100 cr revenues from Technosmart fabric

The polywool fabric has features like UV protection, wrinkle resistance and smooth touch, ideal for crafting trousers, suits and jackets

With the launch of a new fabric, Technosmart, manufacturer and retailer of suiting fabric Raymonds is eying a business of Rs 100 crore in the next one year. The company is also looking at a 10 per cent growth across India.

"Keeping in line with our numerous innovative products over the years, Technosmart is yet another offering from Raymond reaffirming brand's commitment to offer consumers the highest quality product across price points. We are looking for Rs 100 crore revenue form this new product," said Sudhanshu Pokhriyal, president-suiting, textile business, Raymond.

The new age Technosmart collection of polywool fabrics has features like UV protection, wrinkle resistance and smooth touch, which are ideal for crafting trousers, suits and jackets.

It is being manufactured at its Vapi plant in Gujarat with the annual capacity of 1.3 million meters. According to Pokhriyal, the size of the ready-to-stitch-garment industry in India is estimated at Rs 28,000 crore and the company is having a 60 per cent market share. The size of the total textile market in the country was to the tune of Rs 3 lakh crore.

During the quarter ended on June 30 this year, the company added 20 new stores and closed 20. It also completed renovation of eight stores, while 18 of its stores were under renovation as on June 30. The company said the demand environment is weak and expected to pick up in the coming months in light of good monsoon, seventh Pay Commission payouts and the forthcoming festive season.

The price range of the product starts from Rs 1063 and upwards till Rs 2802 per metre.

Raymond also plans to have an extensive digital campaign to reach its Technosmart is available across 700 plus Raymond Shops and 1000 MBOs across the country. Raymond exports 15% of its total production to markets like Australia, North America, Brazil, Europe and the Middle East. It has a market share of 60% in cotton fabric manufacturing.

Recently, the company has partnered with Non-government organisation Goonj in an "unique exchange programme" which will help clothe the needy. As a part of this programme, customers can walk into any Raymonds store with their old trousers and exchange it for free stitching of a new trouser. The fabric, however, will have to be bought by the customers from the Raymond store.

The campaign will run across Raymond's store between August 6 and August 28.