Raymond Group, the Indian branded fabric and fashion retail company, is slashing jobs as part of its cost-cutting strategy. The Company, which is amongst the world’s biggest producers of worsted wool fabric, is also focussing on cutting down on rents and marketing expenditure to bring down expenses by 35 per cent.
The Company has opted for freezing of loan repayments under a one-time scheme offered by the central bank.
Following the lockdown and growing popularity of online shopping for garments, the clothing industry has suffered heavy losses. The century-old Raymond Group has managed to survive and is confident of sailing through this crisis, even though its shares suffered the biggest loss, compared to other global brands this year, following the coronavirus pandemic.
Post resumption of operations, the Company re-opened 1,332 out of 1,638 stores early this month. However, its sales are only about 45 per cent of what they were before the outbreak. As per the annual report of the Company, it has chosen to defer its capital expenditure, including opening of stores, renovation plans and technological upgradation. It is using this crisis as a chance to reset and get things in order. Right now, the Bengaluru factory of Raymond is manufacturing personal protective equipment (PPE) for the health workers in the frontline of the COVID-19 battle.
As a tribute to the culture and artisans of the country, the Company has launched a new and exquisite collection of Khadi apparel on the occasion of India’s 74th year of Independence. The new range, aptly called ‘Wheels of Freedom’, offers kurtas, shirts, trousers, bandhgalas and jackets on a new e-commerce platform, www.myraymond.com.