Raymond to stop making Makers brand

Leading textile and apparel major Raymond has decided to stop manufacturing its mass market brand Makers as it shifts focus on premium offerings under its portfolio for growth and profitability. Launched in 2011, Makers was targeted at consumers residing in smaller towns and rural areas.

The company would now shift its focus on refurbishing stores, while investing in marketing and advertising initiatives to drive margins. The company’s focus on ‘Made to Measure’ personalised clothing stores that reported 48 percent growth, are also expected to contribute positively to the company’s bottomline. Though costs on these new initiatives may pressure margins in this segment in the short term, according to the analysts, improved performance could boost sales and profitability in the long-term.

Raymond managed to bring down its consolidated net loss at Rs 13.72 crores for the first quarter ended June 30, 2015, on account of high revenue growth. The company had posted a consolidated net loss of Rs 32.85 crores during the April-June period of previous financial year. As of March 2015, Raymond had 960 Indian retail stores and 43 overseas stores.