Textile and apparel major Raymond is sharpening its focus on FMCG business as it plans to double turnover to Rs 1,000 crore over the next three-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 Rs 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),” Chairman and Managing Director, Raymond, Gautam Singhania was quoted by PTI as saying.
Raymond FMCG business Chief Executive Giriraj Bagri reiterated that the company expects to reach Rs 1,000 crore sales in the next three to four years.
The company will take the Park Avenue range of men’s grooming products to global markets like West Asia, Bangladesh and Nepal to begin with and then to Sri Lanka, Bhutan and Myanmar in the second phase.
“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.
The company had formed its FMCG Group in 2016 and its products reach 25 lakh retailer, including 90,000 pharmacies and also exports to Southeast Asia, West Asia and Africa.
The domestic men’s grooming industry is estimated to be Rs 5,000 crore and Raymond said it will be launching new products in the category. It also plans to evaluate opportunities in the women’s segment in future.
It has a strong presence in the Rs 1,500 crore-men’s deodrant category, with Park Avenue garnering a share of 10-11 per cent and KS enjoying a market share of 4-5 per cent.
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
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