Raymond India’s top fabric maker cuts job
Yash Sapra, INN/Delhi, @infodeaofficial
This coronavirus has indeed Compelled our economy to come on its speed many of the sectors have been hit badly by the coronavirus outbreak also affected the textile and clothing industry a lot resulting which Raymond which is one of the biggest producers of worsted wool fabric Which manufactures quality suits is now also cutting costs by more than a third as people shelter at home from the coronavirus outbreak.
The Mumbai page company is reducing jobs rents and marketing costs to decrease expenses by as much as 35% for the financial year started April 1, Chairman Gautam Hari Singhania said in a virtual interview last week. It has also sought to freeze loan payment under a time program offered by the Central Bank. Raymond has taken this as an opportunity to reset stated Singhania “ What we know is this is a crisis and we will stand strong.” The Swift to online engagement has slammed demand for business clothing worldwide, tipping the two-century-old started in 1925 with a small wood mill on the outskirts of what was then Bombay, has seen its share of the biggest loss among Global peers this year as the virus outbreak intensified. India went on lockdown March 25, and offices in parts of the country are still shuttered. Raymond has deferred its capital expenditure such as store openings, renovations, and technology upgrades, according to the company’s annual report. Sales fell to 29% from April to March excluding the impact of the pandemic and a correction in Raymond inventory revenue dropped 1% compared with the same period a year earlier. Company has reopened 1332 out of 1638 stores as of July 2 and is seeing about 45% of pre-pandemic sales, Antique Stock Broking Ltd. says in a note to clients citing a call with Raymond management Antique maintains its buy rating on the stock with a target price of 427 rupees, versus 245.2 rupees on Tuesday.
For now, Raymond is using its Bengaluru factory to manufacture personal protective equipment for health workers, stated Singhania. He also added that the company offers a range of products unlike bespoke suit makers he completes within other parts of the world. When you are a strong brand recession always play in your favor stated Singhania. Brooks Brothers Provides a very specific and formal range of clothing unlike us so it doesn’t bother us much.