New Delhi, Sept 1: Leading textiles and apparel company Raymond has received a “huge number of inquiries” from global firms after the crisis in neighbouring Bangladesh and is ready to grab this opportunity, its Chairman & Managing Director Gautam Hari Singhania said.
Raymond, which has invested in its garmenting facility to become the third largest suit maker in the world, is ready to “take advantage” from the current situation, Singhania told PTI.
Asked if he expects shifting of some garmenting business to India from Bangladesh, he said, “We are hoping so. We are seeing the inquiries. It obviously needs a little bit of time, but we are certainly seeing positive signs on that.”
India is better-placed with its end-to-end supply capabilities linking all stages as companies as Raymond are present in both fabric and garmenting business, which, in turn, will save time for international brands also on final delivery, he said.
“Bangladesh does not have a fabric supply. India has got a great opportunity to take advantage of this fabric supply because we have the fabric base here. They have (only) garmenting base,” said Singhania.
Singhania said Raymond’s capacity expansion has come online, which is perfectly timed.
“So we are lucky to have those capacities,” he said, adding, “we are… Always looking for opportunities”.
Though Indian labour may be more expensive than Bangladesh, “look at the totality of the situation. I have a fabric and end-to-end supply. I save your time for which you pay me something.”
Moreover, India is a politically stable country with a large middle class with great consumption and manufacturing capabilities.
The company has divested Raymond Lifestyle, following its demerger with parent company Raymond, which is all set to list this week. This would house all apparel-related businesses of the nearly 100-year-old Raymond group.
Besides Bangladesh, the world is also working on a ‘China+1’ strategy, making India a preferred sourcing destination.
“This is playing to our advantage, leading to stronger business relationships with existing customers and presenting multiple opportunities for new markets and customer acquisition,” he said.
“Everybody needs a hedging strategy. Nobody would like to put all the eggs in one basket,” the Raymond CMD added.
Moreover, the quality of work done in India in apparel-related work is better than in China.
“China is about quantity, if you want cheap quality, go to China and India is about value. They are volume and we are value and quality,” Singhania said.
Raymond’s Garmenting Unit is a white-labelled manufacturer and an integrated supplier of high-value clothing products to leading international brands.
According to its latest annual report, Raymond has a capacity to produce 7.5 million pieces of jackets, trousers and shirts in India and 3.2 million in Ethiopia. (PTI)
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