Raymond to add over 100 stores of ethnic wear brand Ethnix this year
Raymond plans to add over 100 Ethnix stores this year after adding 53 last year to reach 114 in total so far.
Leading textile and fabric manufacturer Raymond is planning to add over 100 stores of its ethnic wear brand 'Ethnix by Raymond', the latest annual report of the company said.
How many stores does Ethnix currently have?
Raymond introduced Ethnix as a brand for occasions and celebrations a couple of years back. It now has over 114 stores across the country, PTI wrote.
The company wants to tap into the exponentially growing segment of ethnic wear in India with Ethnix, it said.
"As Indian weddings are getting glitzier and people are celebrating the various occasions, we have expanded our store footprint by taking Ethnix by Raymond to the length and breadth of the country," said Gautam Singhania, chairman and managing director of Raymond, while addressing shareholders.
How much does Ethnix bring to Raymond?
The Ethnix business is already contributing a lot to the revenue of the branded apparel segment of Raymond, along with Parx, the company said. Raymond's Ethnix comes under its branded apparel business, which had a sales of ₹1,587 crore for the financial year 2023-24.
This segment also includes brands as Raymond Ready to Wear, Park Avenue, ColorPlus, and Parx.
"Going forward we will open more doors for this category and will be celebrating with Bharat by adding 100 new stores of Ethnix by Raymond in fiscal 2025," said Singhania.
Besides stores, the company is also expanding Raymond's ethnic line under the Ethnix brand, it said, adding that in the financial year 2023-24, the brand added 53 stores to its network.