Raymond Ltd, known for making finest suiting in the world, has gone mass market with its fabrics.
The textile major that commands over 60% share of the worsted suiting market in India is now selectively launching Makers, a brand of cheaper polyester viscose fabric that comes in the range of Rs250 - Rs400 a metre, price points so far being addressed by mostly unorganised players.
Raymond, known more for its high-value pure-wool and wool-blended suiting, also makes polyester viscose suiting catering mostly to the premium end of the market while the new brand, Makers, would address the lower end, Aniruddha Deshmukh, president of textiles division, said.
“We already control 15% share of the polyester viscose segment and the idea behind launching this brand is to get a share of the low end of the market as well,” he said.
The need for such a brand was felt when Raymond, after establishing its range of exclusive stores in smaller cities, hit upon the segment of customers who aspire to have quality fabric but cannot afford its flagship brand, Deshmukh said. “We are taking the Raymond brand in a big way to the tier 4 and 5 towns where we got phenomenal response. That also made us realise that there is a whole segment of customers who, though aspire for Raymond as a brand, can’t afford it.” The Indian suiting market is valued at ¤6,000-8,000 crore, growing at an annual rate of 10-15%.
In a bid to protect Raymond’s premium appeal, the name is not being associated with the new brand, which wouldn’t be stocked in exclusive Raymond shops also, and the fabric would be marketed through multi-brand outlets only. “We aim to take the new brand to most of the eastern states like West Bengal, Bihar, Jharkhand, Orissa, and also the southern states by the end of the year, mostly in the tier 4 and 5 towns,” Deshmukh said.
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