Park Avenue aims high with new logo, products

With a new logo that typifies a young, contemporary and global appeal Park Avenue, one of India’s leading men’s formal apparel and accessories brand, is trying out different growth engines for brand expansion. The brand recently launched a new

range of business casuals and unisex polarized eyewear. And is harboring plans to grow at a rate of 30 per cent year-on-year, which is significantly higher than the industry average of 15-20 per cent. It’s also looking at expanding its distribution network and doubling EBOs over the coming year.

“The new logo and the mnemonic are a derivative of the brand’s ethos of creating and celebrating the young Indian male, who exudes confidence and is a natural leader. Park Avenue has believed in a holistic approach to achieving this look in its customers by providing them the entire range of business clothing and accessories, in addition to personal care products. It is a Rs 5 billion brand and we expect sales from this to grow at least 30 per cent in FY-12," says Gautam Singhania, Chairman and MD, Raymond.

Raymond Apparel, well known for their brands Raymond and Park Avenue is now planning to invest Rs 250 million to Rs 300 million in FY12 to expand its accessories business. With an existing accessories segment like deodorants, perfumes and belts, the company’s new line-up of unisex sunglasses is expected to bring in significant profits. Exuding a high style quotient with a stylish polarized range, the Park Avenue range of eye wear is especially attractive for the mid-price segment. The company, which sells apparel brands such as Manzoni, Park Avenue, Parx and ColorPlus, has also announced its foray into business casual wear, which marks the beginning of a new consumer segment and a new dressing category of business casuals for the urban Indian male.

As Shreyas Joshi, President, Raymond Apparel points out, “Given the increasing number of New Age professionals in India and the growing preference for easy dressing in the workspace, Park Avenue has added to its business wear range a chain of relaxed clothing through the ‘Dress Casuals’ range. While the colors are a lot bolder -- with yellows, orange, khakis, to purples, aqua blue and green – the finish is washed and the fits and cuts are contemporary and stylish, giving it a young feel. We have also launched a Park Avenue limited edition collection for customers in our EBOs, to encourage buying from these outlets that provide the customer an opportunity to experience the promise of confidence that the brand assures its customers.”

The company plans to open 100 new retail stores under the brand Raymond in FY12. It has around 700 retail stores and since the Raymond retail stores are set up on franchise models, there is not much need for capital investment for the new stores. With the branded suit industry in India estimated at around Rs 1,000 crores and growing at 20 per cent a year, Raymond Apparels and its sub-brands is on a new high, cashing in while the good times roll.