Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Mumbai, The Gautam Singhania-led <keyword id="244481" type="General" weightage="20" keywordseo="raymond-group" source="Orion">Raymond Group</keyword> on Thursday announced its exit from the consumer care business by selling condom brands KamaSutra and Premium and deodorant brands <keyword id="416499" type="General" weightage="20" keywordseo="park-avenue" source="Orion">Park Avenue</keyword> and DS to the Godrej Group for Rs 2,825 crore in an all-cash deal. However, the Raymond group will continue to manufacture these brands, sell them to B2B consumers and export. This means that Raymond will contract-manufacture and sell these brands to <keyword id="99744" type="General" weightage="20" keywordseo="godrej-consumer" source="Orion">Godrej Consumer</keyword> Care. It also means the exit is only from the consumer facing side of this business in the domestic market. Its condom plant is in Aurangabad, Maharashtra, while it sources the deos from contract manufacturers. The Raymond Group also announced the demerger of its consumer facing/lifestyle businesses into Raymond Consumer Care (RCCL), which will, upon merger, get listed. Raymond shareholders will get four shares of the RCCL for every five shares they hold. The group expects the demerger process to be completed over the next 15 months. Group chairman and managing director Singhania, who owns 49 per cent in RCCL, said, he will not take a single penny from the sale but the entire proceeds will go into the company (RCCL). A portion of the money will be used to completely repay the net debt of the group, which as of December 2022 stood at Rs 920 crore, and gross debt of Rs 2,000 crore. "In 2019, I infused Rs 350 crore into the company (real estate arm) when we sold a portion of our land. In the similar manner more than Rs 1,000 crore from this sale will go into RCCL, which has been a debt free entity all through, only, and the rest of the proceeds will be sued to make the group debt-free and the balance will be used for other business purposes, taking the promoter's equity infusion to Rs 1,400 crore," Singhania said. Post demerger, the group will have two independent net debt-free listed entities for lifestyle, which will be under RCCL, and real estate businesses which will be under Raymond, already a listed entity, he said. Raymond will now be a pure-play realty business entity along with investments in engineering (JK Files, which is the world's largest files maker) and denim businesses, he added. In a separate statement, Godrej Consumer Products (GCPL) said with this acquisition the company is entering the deodorants and sexual wellness categories. The Godrej Group expects the all-cash deal, through a slump sale route, to be completed by May 10, 2023. Godrej said these four brands - the condom brands KamaSutra and Premium, and the deodorant brands Park Avenue and DS -- through a slump sale, had revenue of Rs 411 crore in FY21, Rs 522 crore in FY22 and Rs 622 crore in FY23, valuing the deal almost five times the revenue. Sudhir Sitapati, managing director and chief executive of GCPL, said this acquisition "allows us to complement our business portfolio and growth strategy with under-penetrated categories that offer a long runway of growth". The deodorants and sexual wellness categories have the potential to deliver double-digit multi-decade growth given the low per capita consumption compared to similar emerging markets. Per-capita consumption of deodorants is 0.4x that of Indonesia, 0.05x of that in Brazil and 0.04x that in the US, he said. Singhania said the demerger will facilitate focused investor opportunities and better access to capital with a clear strategy and specialisation for sustainable growth and profitability for both lifestyle and real estate business. Describing the exit and demerger as value creation, Singhania said, "in line with our commitment for creating shareholder value, we have taken an affirmative action by demerging our lifestyle business that will be a separate listed entity with zero net debt." "At Raymond Group, the realty business will also be the listed entity through Raymond Ltd. At promoter level, we continue to remain committed, and the efforts have been demonstrated by infusing funds generated from monetisation of assets," Singhania said. Amit Agarwal, the group chief financial officer, said the swap ratio was finalised by KPMG and BDO along with a fairness opinion issued by ICICI Securities. InCredMAPE, the investment banking arm of InCred Group, said it has acted as the exclusive M&amp;A advisor on the landmark transaction in the consumer sector involving Godrej Consumer Care and Raymond Consumer Care's FMCG business. Bhupinder Singh, Group CEO of InCred Group, said, "This is a landmark event in the consumer sector with some of India's best-known brands from the Raymond's stable now entering new stewardship at Godrej in an exciting journey. We at InCred are privileged to have advised on this strategic transaction." The lifestyle business consists of suiting business with manufacturing plants, B2C shirting and MTM businesses, branded apparel with its portfolio of brands and subsidiaries including garmenting business with manufacturing facilities and B2B shirting business with manufacturing plants will be demerged into RCCL. Raymond is the largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabrics and garmenting. Its brands portfolio include Raymond Ready to Wear, Park Avenue, ColorPlus, Parx, Raymond Made to Measure, and Ethnix by Raymond, amongst others. Raymond has one of the largest exclusive retail networks with around 1,400 stores across 600 towns. The group has presence in engineering space engaged in precision engineered products. Raymond made a foray into realty sector through the launch of its maiden project TenX spread across 14 acres housing 3,100 residential units and has recently launched a premium residential project -- The Address by GS -- in Thane which has a revenue potential of around Rs 5,000 crore. On the long pending IPO plans for JK Files, Singhania said the plan is on hold due to the poor market conditions.

Raymond group sells FMCG biz to Godrej for Rs 2,825 crore in all-cash deal

<ul><li>Raymond says that the same store sales growth has more than doubled compared to the pre-pandemic levels. </li><li>The luxury apparel maker, which exports almost 90% of its products, says that there is a resurgence in demand from Europe. </li><li>Domestic sales have also been good, thanks to the many weddings that took place in summer. </li><li>Another good season lies ahead, says <keyword id="6405378" type="General" weightage="20" keywordseo="gautam-singhania" source="Orion">Gautam Singhania</keyword>.</li></ul> One of India’s most popular apparel brands, Raymond, is eyeing a bumper sales season ahead. And, it’s not just because of the upcoming festival season. Gautam Singhania, MD of the <keyword id="244481" type="General" weightage="20" keywordseo="raymond-group" source="Orion">Raymond Group</keyword> told Business Insider India, now that offices are open, people wanted to go back to ‘dressing up’. “They are also now a different shape and size. There was also a lot of pent-up demand and as offices opened up, a lot of apparel buying happened. The same-store growth more than doubled as compared to the pre-pandemic levels,” Singhania said while speaking of the growth drivers for his group’s apparel business. Demand from Europe is back According to an IDBI Capital report, the company is expecting a double digit growth in textiles while in shirting it sees growth in mid to high teens. The luxury apparel maker, which exports almost 90% of its products, is also happy with the resurgence of demand from Europe. “In European markets, the demand is very strong. People are back with a vengeance and they want formal clothing. In fact, in Europe, supply chain is a bigger problem than demand,” said Singhania. The Indian market too has seen good sales, thanks to the many pending weddings that took place in the summer wedding season. Unofficially, as many as 40 lakh weddings are known to have taken place in the mid-Jan to June, and that’s only good news for Raymond, which is known for its wedding formals. India goes in for ethnic wedding wear The company also expects a good festive and winter wedding season. And, it’s not just formals that they hope to dress the baratis in. “Raymond is integral to weddings and special occasions and Indian ethnic wear is a growing trend today. We are present in that segment with Ethnix by Raymond and currently available in 32 exclusive brand outlets (EBO), which will be over 100 stores by the end of this fiscal year,” said Singhania. The Ethnix brand, which will be in direct competition to Manyavar, will also be made available in select Raymond Shops, multi-brand outlets and large format stores like Shoppers Stop and Central. Raymond, which is bullish in this category, is also carving a niche that’s much different from that of Manyavar. “Raymond’s ethnic wear is positioned as classic to contemporary in elegant format compared to contemporary and edgy for Manyavar,” said the IDBI report. It hopes to capture 10-15% market share in ethnic category in the next five years. The 98-year-old company is banking on its brand name in the men’s category and groom lounge, to be able to push forward its ethnic wear business too. In the long term, it hopes the Ethnix brand will contribute 15-20% of the total sales of a store. During the pandemic, the company also gave a push to the online business, which has grown at a good trajectory in terms of customer acquisition, it says. They are also taking up multiple initiatives to customize orders received online, and adapting to the technological changes ahead. All in all, it’s betting on another good season to drive its business growth. “Unless the world goes into another lockdown, I do not see any reason why we shouldn’t have another good season,” says Singhania. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/monkeypox-symptoms-are-different-in-this-outbreak-says-british-medical-journal/articleshow/93269309.cms">Monkeypox symptoms are different in this outbreak, says British Medical Journal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/monkeypox-can-heal-itself-but-will-cause-more-deaths-who/articleshow/93269084.cms">Monkeypox can heal itself but will cause more deaths: WHO</a>

Lockdown effect: People are ready to get dressed & go says Gautam Singhania of Raymond

<ul><li>The branded apparel major is likely to see free cash flow this year itself, Chairman Gautam Singhania said in an <keyword id="975312" type="PERSON" weightage="20" keywordseo="exclusive-interview">exclusive interview</keyword>.</li></ul><ul><li>Development of Thane land may be capital light, he said but stopped short of divulging details. </li></ul><ul><li>Do not paint Raymond with the same brush as other promoters, he hit back on the question of governance. </li></ul>Gautam Singhania, the second-generation promoter of Raymond Limited, whose businesses span from branded apparel and textile to fast-moving consumer goods to engineering and auto parts, is hoping that the business will increase its free cash flow as early as the current financial year that ends on March 31, 2019. Raymond’s stock price has multiplied over two-and-a-half times in the last three years. This, at a time when the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) was negative, and it has turned into the black only now. 
 
 
 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/260606"></div>
]]></cdata></div>















 The company posted a profit in four out of last five quarters. Most recently, the company declared a net profit of ₹ 260 million in the three months between October and December 2018. and Singhania is confident that it will only improve hereon. 
 
 
 
 
 
 
 <div type="ExtQuote" text="“We are at the end of the investment cycle, so you will start seeing free cash flow now; from this year itself.&quot;" auname="Gautam Singhania, Chairman, Raymond Limited"></div>















 The company’s debt has been a cause for concern in the Indian markets for long. But Singhania is not bothered by it. “At the end of the day, Raymond has a net debt of about ₹2,300 crores. I don’t sleep with a net debt of ₹2,000 crores, people with debt 20 times and 50 times the size sleep easy. I don’t know why we are worried about Raymond’s debt,” he candidly said. The plan to unlock value by selling a 20-acre land in Thane, in the outskirts of Mumbai, as well as non-core business like engineering and auto parts is on track, he said. The money from these sales will go into repaying debt, but Singhania is in no hurry. “At the end of the day you have to understand one thing, I will do it to the best of my ability and number two, I am the biggest gainer. That’s all I am concerned with. I will do whatever is in the best interest of shareholders. I am the largest shareholder,” he said. The company, which was admittedly looking to pare down debt by selling the Thane land, <a href="https://economictimes.indiatimes.com/markets/expert-view/gautam-singhania-on-affordable-housing-foray-schools-and-expanding-raymond-into-small-towns/articleshow/67974132.cms">announced recently</a> that it would develop the project on its own instead. This may raise concerns on whether the company would end up adding to the debt in the process. But Singhania dismissed those fears, saying, “What makes you say that developing on our own cannot be capital light? That’s your assumption. I am not going to tell how I am going to do it. How I do it, I am not at liberty to discuss it with you.” The flamboyant 53-year-old who loves fast cars, high-flying private jets, and cruising speed boats has also faced some <a href="https://economictimes.indiatimes.com/markets/stocks/news/raymond-rebounds-7-after-clarification-on-related-party-transaction-report/articleshow/67895858.cms">tough questions on corporate governance</a> in recent times, which he has vehemently denied. “You are not willing to accept that I am the only promoter in the country who has stepped off his own companies as chairman, has put in the highest level of corporate governance in the system, has got outside directors and outside professionals to take over as chairman. I have the best advisory board in the country. Don’t paint Raymond with the same paint brush as other promoters. Show me one other promoter who has done what Raymond has done, then talk to me,” Singhania said demanding credit for bringing in transparency in governance. 
 
 
 
 
 
 
 <div type="ExtQuote" text="&quot;Don’t paint Raymond with the same paint brush as other promoters.&quot;" auname="Gautam Singhania, Chairman, Raymond Limited"></div>















 Analysts seem to agree with Singhania’s narrative. “Over the last 2 years, a lot of changes in terms of management, brand positioning, disclosures, rationalising store network, etc. which have happened at Raymond post which the company has been steadily improving its performance on guided lines,” Edelweiss said in a report earlier this month. Room for growth Singhania is betting on Raymond’s scale and reach, and its well-known brand. “See, you always will have some competition, and it’s good. Some of the big brands will come to Mumbai, Delhi, Kolkata, Chennai. Raymond today is in Tier-10 towns, we are 515 towns, we are competing in a different marketplace as well. A foreign brand in our space, I don’t want to take names, has been in this country for 30 years and it makes $2 million a year. It’s irrelevant to me. It doesn’t bother me,” he said. Additionally, Raymond’s franchisee model allows it to reach deeper into smaller towns without having to invest big money. “In the last 18 months, Raymond has added over 200 mini-TRS (The Raymond Shop) stores in over 180 towns, penetrating smaller cities,” PhillipCapital said in a note this month. As of now, the company makes over 70% of its revenue from textiles and branded apparel. Going forward, there will be an added focus on relatively new verticals like fast-moving consumer goods space, said Singhania. Having decoupled the group companies from the parent through management changes, the FMCG vertical will have to make its own business decisions. “It’s a separate business. It will find its own capital. If it requires capital, it will find it. It’s a professionally run company. Raymond capital doesn’t have to go there. Raymond will only put capital there only if it believes it wants to. The company will grow on its own steam. If it wants capital, it can go to the market and raise private equity or debt,” Singhania said.

EXCLUSIVE: Two revelations and a fiery defence from Raymond’s boss Gautam Singhania

Stating that defence services and vendors were facing procedural difficulties in procurement of equipment, Vice Admiral SPS Cheema today said these procedures were being reviewed by the government.
 

	"These (procurement procedure) difficulties will be addressed in these reviews," a Navy release quoted Cheema as saying.
 He was speaking at the launch of the two-day clothing and footwear seminar-cum-exhibition organised for the first time by the <keyword id="6355100" type="ORGANIZATION" weightage="20" keywordseo="Indian-Navy">Indian Navy</keyword> here today. At the exhibition, several firms showcased their products and offerings that could be of use to defence and <keyword id="64987" type="UNKNOWN" weightage="20" keywordseo="Paramilitary-forces">paramilitary forces</keyword>, the release said. "The seminar was yet another effort by the Indian Navy towards achieving improvement in quality of clothing, smart stitching and footwear while propelling the cause of Make in India," it added. <keyword id="6405378" type="PERSON" weightage="20" keywordseo="Gautam-Singhania">Gautam Singhania</keyword>, CMD, <keyword id="244481" type="COMPANY" weightage="20" keywordseo="Raymond-Group">Raymond group</keyword> delivered the keynote address on the occasion. He apprised the audience about the developments in the <keyword id="110104" type="UNKNOWN" weightage="20" keywordseo="Textile-industry">textile industry</keyword>, which can be of great use to the armed forces, the release said.

Defence procurement procedures being reviewed by govt: Cheema

Last month <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> broke the record of the highest paid car in India with his customised <keyword id="6355119" type="CITY" weightage="100" keywordseo="BMW">BMW</keyword>. There are few celebrities in India’s automobile chapter who are the noble owners of some automobile brands that are so steeped in history, glamorous, and have awe-inspiring technology that hyperbole’s come naturally when we talk about them. 
 
 <keyword id="9171" type="PERSON" weightage="100" keywordseo="Anil-Ambani">Anil Ambani</keyword>: The head of Reliance group turns quite a few heads with his <keyword id="75789" type="COMPANY" weightage="100" keywordseo="Lamborghini">Lamborghini</keyword> Gallardo (Rs. 3-3.46 crores). 
 
 
 
 Ratan Tata: Chairman of <keyword id="6355725" type="CITY" weightage="100" keywordseo="Tata-Group">Tata group</keyword> showcases his <keyword id="586840" type="COMPANY" weightage="100" keywordseo="Ferrari-California">Ferrari California</keyword> in an elegance which needs a stature like his to pull it up (Rs. 2.20 crores). 
 
 
 <keyword id="6405378" type="PERSON" weightage="100" keywordseo="Gautam-Singhania">Gautam Singhania</keyword>: A sportscar enthusiast, Chairman of <keyword id="244481" type="COMPANY" weightage="100" keywordseo="Raymond-Group">Raymond Group</keyword> is a proud possessor of <keyword id="16120" type="COMPANY" weightage="100" keywordseo="Ferrari">Ferrari</keyword> 458 Italia (Rs. 2.56 crore) 
 
 
 
 <keyword id="494011" type="UNKNOWN" weightage="100" keywordseo="Rasiklal-Manikchand-Dhariwal">Rasiklal Manikchand Dhariwal</keyword>: Chairman of Rs 500 crore Manikchand Group gifted India’s first <keyword id="106787" type="COMPANY" weightage="100" keywordseo="Maybach">Maybach</keyword> to his daughter back in 2004, when Maybach first entered India (Rs. 5.6 crore). 
 
 
 <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>: Chairman of <keyword id="91942" type="ORGANIZATION" weightage="100" keywordseo="UB">UB</keyword> group owns one of the most expensive cars of India, a <keyword id="45964" type="COMPANY" weightage="100" keywordseo="Rolls-Royce">Rolls Royce</keyword> Ghost (Rs. 2.50-3.05 crores). 
 
 
 <keyword id="100154" type="PERSON" weightage="100" keywordseo="Sergey-Brin">Sergey Brin</keyword>: Though he is not an Indian, co-founder of <keyword id="6355629" type="CITY" weightage="100" keywordseo="Google">Google</keyword> possesses a customised pink <keyword id="107096" type="COMPANY" weightage="100" keywordseo="Tesla">Tesla</keyword> which is bound to make him and his car stand out in the list. Just see it and gap with wonder and amazement! 
 
 
 
 
(Image credits: lamborghini, uncrate, trendzcar, team-bhp.com, bmwblog, autoevolution, cars.com)

Take a look at India’s top 5 CEOs and their fancy cars!

<keyword id="2085190" type="UNKNOWN" weightage="100" keywordseo="Online-grocery-stores">Online grocery stores</keyword> are gaining popularity in India due to sheer convenience, ease of shopping and a fast-growing market. Globally, <keyword id="2085193" type="UNKNOWN" weightage="100" keywordseo="Online-grocery-retail">online grocery retail</keyword> is growing nearly 7 times faster than on-ground formats and the <keyword id="47445" type="UNKNOWN" weightage="100" keywordseo="Indian-market">Indian market</keyword> may soon catch up. For one, the <keyword id="156795" type="UNKNOWN" weightage="100" keywordseo="indian-retail-industry">Indian retail industry</keyword> is estimated to be worth over $500 billion (one of the world’s top 5 markets) and 30-40% of the businesses will be in the online retail space over the next 7 years., This presents a great opportunity for any form of e-tailing, especially the <keyword id="2085203" type="UNKNOWN" weightage="100" keywordseo="E-grocery-space">e-grocery space</keyword>. 
 As of now, <keyword id="2085207" type="UNKNOWN" weightage="100" keywordseo="Grocery-e-tailing-in-India">grocery e-tailing in India</keyword> is a largely unorganised space and poses a big challenge in terms of stiff <keyword id="2085206" type="UNKNOWN" weightage="100" keywordseo="Entry-barriers">entry barriers</keyword>. The traditional methods of inventory and <keyword id="2085212" type="UNKNOWN" weightage="100" keywordseo="Logistics-management">logistics management</keyword> call for intense cash-burning – a business condition most of the bootstrapped Indian start-ups fail to meet. Moreover, a <keyword id="2085209" type="UNKNOWN" weightage="100" keywordseo="Series-A-funding-crunch">Series A funding crunch</keyword> also compelled companies like Mumbai-based <keyword id="2048780" type="UNKNOWN" weightage="100" keywordseo="ShopVeg">ShopVeg</keyword> to shut down operations. Therefore, when another Mumbai-based start-up decided to start grocery e-tailing in the same year, things were not looking too exciting for the newcomer. But 22 months later, <keyword id="2009014" type="UNKNOWN" weightage="100" keywordseo="LocalBanya-com">LocalBanya.com</keyword> has managed to set up Mumbai’s first online supermarket and also raised <keyword id="6793689" type="UNKNOWN" weightage="100" keywordseo="Series-A-funding">Series A funding</keyword> for the next level of expansion. 
 Although there were predecessors that attempted various models of grocery retail in the digital space and failed, <keyword id="2047523" type="UNKNOWN" weightage="100" keywordseo="LocalBanya">LocalBanya</keyword> has adapted a <keyword id="2085214" type="UNKNOWN" weightage="100" keywordseo="Lean-business-model">lean business model</keyword> that relies on a convenient mix of <keyword id="96173" type="PERSON" weightage="100" keywordseo="warehousing">warehousing</keyword> and <keyword id="512818" type="UNKNOWN" weightage="100" keywordseo="cash-and-carry">cash-and-carry</keyword>. This has reduced the start-up’s dependence on capital-intensive operations and enabled it to put in place a thoroughly efficient <keyword id="118965" type="PERSON" weightage="100" keywordseo="Supply-chain">supply chain</keyword>. In addition, the company has adopted some unique measures to take <keyword id="2085217" type="UNKNOWN" weightage="100" keywordseo="Customer-convenience">customer convenience</keyword> to the next level. Want to know more about LocalBanya and how it works? Here is a snapshot that captures the start-up’s vision and viability. 
 
Who runs LocalBanya (www.localbanya.com): A team of three co-founders – <keyword id="2085179" type="UNKNOWN" weightage="100" keywordseo="Karan-Mehrotra">Karan Mehrotra</keyword> (<keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword>), <keyword id="2085180" type="UNKNOWN" weightage="100" keywordseo="Rashi-Choudhary">Rashi Choudhary</keyword> (COO) and <keyword id="1251820" type="PERSON" weightage="100" keywordseo="Amit-Naik">Amit Naik</keyword> (<keyword id="238078" type="POSITION" weightage="100" keywordseo="CTO">CTO</keyword>). Karan is the brain behind LocalBanya and set up the entire infrastructure with just 14 employees. He is a <keyword id="163598" type="POSITION" weightage="60" keywordseo="computer-engineer">computer engineer</keyword> and prior to starting up, worked for his family business as a distributor for <keyword id="123278" type="UNKNOWN" weightage="100" keywordseo="FMCG-firms">FMCG firms</keyword>. He has 11 years of work experience in varied fields – from turning around a chain of restaurants to setting up metal fabrication plants to building a food distribution network. 
 Amit holds an MBA from IIM-Lucknow and he is also a Six Sigma Black Belt from the American Society for Quality. He had six years of top tier experience in ad-tech and earlier worked for <keyword id="1076906" type="ORGANIZATION" weightage="80" keywordseo="Directi">Directi</keyword> and <keyword id="45475" type="CITY" weightage="80" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword>. Rashi holds a Global MBA from <keyword id="1433263" type="UNKNOWN" weightage="60" keywordseo="SP-Jain-School-of-Global-Management">SP Jain School of Global Management</keyword> and brings four years of experience in <keyword id="6553136" type="UNKNOWN" weightage="100" keywordseo="retailing">retailing</keyword>, consulting and <keyword id="169305" type="ORGANIZATION" weightage="100" keywordseo="customer-service">customer service</keyword>. Prior to joining LocalBanya, she worked with the <keyword id="244481" type="COMPANY" weightage="60" keywordseo="Raymond-Group">Raymond Group</keyword>. 
 The trio had been working on the concept for some time and the site went live in May 2012. LocalBanya is now in beta and the e-grocer has over 130 employees operating across Mumbai, Thane and <keyword id="57321" type="PERSON" weightage="100" keywordseo="Navi-Mumbai">Navi Mumbai</keyword>. 
 
What inspired the venture: The desire to go one step ahead of your <keyword id="2085220" type="UNKNOWN" weightage="100" keywordseo="Local-grocer">local grocer</keyword> who accepts orders on phone. “Apparently, it was convenient but there was something lacking. You can’t browse the inventory when ordering on phone; the choices are not many (after all, a kirana or <keyword id="2085221" type="UNKNOWN" weightage="100" keywordseo="Mom-and-pop-store">mom-and-pop store</keyword> won’t keep exotic or imported items as those are a bit expensive) and finally, there’s no organised system (accountable, responsible and prompt),” says Karan. So up came LocalBanya, an online supermarket selling around 12,000 products across 17 categories and adding more every day. 
 
What’s the pitch: LocalBanya.com is an <keyword id="2085223" type="UNKNOWN" weightage="100" keywordseo="Online-convenience-store">online convenience store</keyword> dedicated to YOU (customers). The e-grocer offers high quality products and hassle-free delivery that save time, energy and money. “If you are <keyword id="62452" type="UNKNOWN" weightage="100" keywordseo="grocery-shopping">grocery shopping</keyword> 4-5 times a month or looking for something special, imagine the kind of supermarket trips you have to make and how you have to run from shop to shop,” points out Karan. “But having the entire bulk procured for you and delivered to your place, at the time you want it, would make things extremely convenient and lure the customers,” he adds. Karan, however, feels that the industry is huge enough to allow kirana stores, large-format retailers and e-retailers to survive and grow in the same marketplace. 
 
How it works: As of now, LocalBanya is targeting the <keyword id="6756404" type="UNKNOWN" weightage="100" keywordseo="urban-population">urban population</keyword> and the customer base varies from <keyword id="2085227" type="UNKNOWN" weightage="100" keywordseo="Single-professionals">single professionals</keyword>, <keyword id="632195" type="UNKNOWN" weightage="100" keywordseo="working-couples">working couples</keyword>, <keyword id="168112" type="UNKNOWN" weightage="100" keywordseo="Nuclear-families">nuclear families</keyword> and <keyword id="3216" type="ORGANIZATION" weightage="100" keywordseo="students">students</keyword> fending for themselves to <keyword id="1400200" type="UNKNOWN" weightage="100" keywordseo="new-mothers">new mothers</keyword>, <keyword id="20566" type="UNKNOWN" weightage="100" keywordseo="senior-citizens">senior citizens</keyword> and even <keyword id="2085229" type="UNKNOWN" weightage="100" keywordseo="Large-families">large families</keyword>. 
 “People come to us for a wide selection of goods (otherwise, they will have to visit 2-3 stores to make a purchase), convenience and great pricing. We deliver that convenience with exceptional levels of customer service, <keyword id="2085230" type="UNKNOWN" weightage="100" keywordseo="Preferred-delivery-times">preferred delivery times</keyword>, same-day deliveries, fresh produce and efficient &amp; reliable suppliers. We also take product suggestions from our customers and ensure that the products are online in a fortnight,” details the LocalBanya team. The <keyword id="2085232" type="UNKNOWN" weightage="100" keywordseo="Procurement-model">procurement model</keyword> includes a convenient mix of warehousing and just-in-time (<keyword id="377986" type="ORGANIZATION" weightage="100" keywordseo="JIT">JIT</keyword>) deliveries from a host of suppliers including <keyword id="34523" type="CITY" weightage="80" keywordseo="fmcg">FMCG</keyword> companies, cash-and-carry outlets and other distributors. 
 Shopping for groceries on the LocalBanya platform is also kept simple. You just have to register or connect through Facebook before browsing the categories and the products. Once you make the purchase, the order is processed and ready for delivery within 6 hours. Delivery is done as per your time slot selection. The company offers 6 slots (of 2 hours each), from 7 in the morning until midnight, and one can choose any of those. Customers also enjoy <keyword id="2085234" type="UNKNOWN" weightage="100" keywordseo="Banya-Points-rewards-programme">Banya Points rewards programme</keyword> and these points are redeemed for cash discounts on every purchase. 
 
Claim to fame: <keyword id="900658" type="UNKNOWN" weightage="100" keywordseo="traction">Traction</keyword> and <keyword id="232730" type="POSITION" weightage="100" keywordseo="business-model">business model</keyword>. The start-up claims that it currently reaches over 10,000 homes a month and delivers 500-plus orders a day. Interestingly, nearly one-third of its orders are from <keyword id="1189616" type="UNKNOWN" weightage="100" keywordseo="institutional-clients">institutional clients</keyword> while senior citizens and <keyword id="58225" type="ORGANIZATION" weightage="100" keywordseo="NRIs">NRIs</keyword> constitute over 16% of the customer base. But what matters most is the <keyword id="2085235" type="UNKNOWN" weightage="100" keywordseo="Lean-infrastructure">lean infrastructure</keyword> set-up for reducing asset liabilities. 
 
Show me the money: Since its <keyword id="85080" type="ENTERTAINMENT" weightage="100" keywordseo="Inception">inception</keyword> in May 2012, LocalBanya has done around Rs 15 crore in gross revenues. The start-up is projected to grow 40% month on month over the next 15-18 months and eyes <keyword id="486782" type="UNKNOWN" weightage="100" keywordseo="break-even">break-even</keyword> in the existing markets (Mumbai, Thane and Navi Mumbai) by June this year. 
 LocalBanya was initially bootstrapped, but has already raised two rounds of <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword>. It is now in talks with investors to raise a Series B round by March 2014. In January this year, the start-up secured an undisclosed amount in Series A funding from <keyword id="2009015" type="UNKNOWN" weightage="80" keywordseo="Karmvir-Avant-Group">Karmvir Avant Group</keyword>, a real estate developer in Mumbai. Earlier, it had raised funding from <keyword id="2085241" type="UNKNOWN" weightage="100" keywordseo="Times-Groups-Brand-Capital-Springboard">Times Group’s Brand Capital Springboard</keyword> platform. “The Series A round will last us for a year and help fuel our growth at a faster rate as we scale up operations, hiring and marketing. We are also looking to start operations in a new city within a quarter,” says Karan. 
 
Biggest challenge: Competition abounds in online grocery retail space but containing cash-burning is most crucial when it comes to inventory, supply chain and logistics. Streamlining the supply chain and <keyword id="2085210" type="UNKNOWN" weightage="100" keywordseo="Inventory-management">inventory management</keyword> is an uphill task but a lean procurement set-up, use of <keyword id="2085238" type="UNKNOWN" weightage="100" keywordseo="Leased-delivery-vehicles">leased delivery vehicles</keyword>, <keyword id="2085242" type="UNKNOWN" weightage="100" keywordseo="In-house-delivery-personnel">in-house delivery personnel</keyword> (for ease of management) and a well-structured <keyword id="2085243" type="UNKNOWN" weightage="100" keywordseo="Region-mapping">region mapping</keyword> that enables effective coverage of the city have helped the start-up cut down on costs. 
 
Five takeaways: In nearly 2 years of operation, LocalBanya has seen some interesting trends in <keyword id="2085200" type="UNKNOWN" weightage="100" keywordseo="Online-grocery-shopping">online grocery shopping</keyword> behaviour and Karan &amp; his team want to share it with the budding wannapreneurs and all our readers. So here we go: 
 
59% of the transactions on the site are done by women. 
 
Senior citizens are a sizeable 14% of the customer base due to the convenience of online retail. 
 
A sizeable 2.1% of transactions are done by NRIs to have groceries delivered to their relatives in Mumbai. 
 
Institutional clients including restaurants, corporate houses, co-operative societies and any other organisation requiring groceries in bulk have seen the advantage of e-grocery and 29% of the business comes from these channels. 
 
Around 11% of LocalBanya’s deliveries are done during the 10 pm-12 midnight slot. And the last trend brings us back to the convenience factor. How many e-grocers or physical retail stores in India would be doing that in a bid to break out of the pack?

This E-grocery Start-up Uses A Lean Model For Its Online Supermarket; In Talks To Raise Series B
Funding

Shares of <keyword id="20315250" type="General" weightage="20" keywordseo="Raymond" source="keywords">Raymond</keyword> hit a life high on Friday, a day after the Group announced the vertical <keyword id="20482021" type="General" weightage="20" keywordseo="demerger" source="keywords">demerger</keyword> of its <keyword id="19895040" type="General" weightage="20" keywordseo="real-estate" source="keywords">real estate</keyword> business into its wholly owned subsidiary, Raymond Realty Ltd (RRL). The Board of Raymond Limited announced on Thursday that Raymond Limited and Raymond Realty Limited (RRL) will operate as separate listed entities, a company statement said. The shares of Raymond surged around 10 per cent to Rs 3236 per share as the stock markets opened this morning. For the share market, the company stated on Thursday that the new entity will seek automatic listing on stock exchanges. According to the scheme of arrangement, each Raymond Ltd (RL) shareholder will receive one share of RRL for every one share held in Raymond Ltd. Raymond's demerger of its real estate arm is seen as a move to unlock the potential of the group's real estate business. "The demerger aligns with Raymond Group's stated objectives of simplifying its corporate structure and enhancing shareholder value for operational and structural benefits. Leveraging Raymond's institutional strength, the move will allow for independent, dedicated management teams with industry-specific expertise to sharpen business focus and tailor investment strategies to each sector's unique dynamics" said the company in a statement. The real estate segment of the Raymond group, reported a revenue of Rs 1,593 crore which was 43 per cent growth YoY and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of the company was Rs 370 crore in FY24. The group has around 100 acres of land in Thane with approx. 11.4 mn sq ft RERA-approved carpet area of which about 40 acres is currently under development. There are five ongoing projects worth Rs 9,000 crore on its Thane land, with an additional potential to generate more than Rs 16,000 crore, making a total potential revenue of over Rs 25,000 crore from this land bank. Additionally, the company has also signed three new JDAs (Joint Development Agreements) in Mahim, Sion, and one more in Bandra East Mumbai, taking the combined revenue potential from four JDA projects in the Mumbai Metropolitan Region to over Rs 7,000 crore. With the development of Thane Land Bank and the current 4 JDAs gives company the potential revenue of Rs 32,000 crore. "This strategy to demerge the Real Estate business into a separate company that will be listed through automatic route is another step to enhance the shareholder value. The existing shareholders of Raymond Limited will get the shares in the new listed Real Estate company in a ratio of 1:1" said Gautam Hari Singhania, Chairman C Managing Director, Raymond. The company stated that the demerger aligns with Raymond Group's stated objectives of simplifying its corporate structure and enhancing shareholder value for operational and structural benefits. The move will allow for independent, dedicated management teams with industry-specific expertise to sharpen business focus and tailor investment strategies to each sector's unique dynamics. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank">HP Envy x360 14 review – feature-packed laptop with a sleek design</a>

Raymond shares hits record high after textile company's board announces demerger of real estate arm

A 1922 <keyword id="86015" type="General" weightage="100" keywordseo="daimler" source="Orion">Daimler</keyword> car fitted with wooden cabinets, and a 1935 two-door Bentley in a jet black finish, both originally made for royal families in India and a 1923-era fire truck manufactured in the US were among the head-turners at a grand vintage car show in Vadodara that ended on Sunday. While a 1934 Packard 1107 <keyword id="16004923" type="General" weightage="80" keywordseo="coupe-roadster" source="Orion">Coupe Roadster</keyword> won the 'Best of Show' award, a graceful 1949 Rolls Royce <keyword id="16006224" type="General" weightage="80" keywordseo="silver-wraith" source="Orion">Silver Wraith</keyword> Drophead Coupe, bearing 'Mysore' plates, finished second, while the third position was bagged by the 1936 Nash Ambassador Series 1290 Sedan, the organisers said. The post-war Rolls Royce Silver Wraith, bearing its royal insignia, drew a lot of eyeballs during the event. The tenth edition of the '21 Gun Salute Concours d'Elegance', hosted at the celebrated Lukshmi Vilas Palace, commenced on January 6 in Vadodara and concluded on January 8. Visitors thronged the 19th-century Lukshmi Vilas Palace on the last day of the grand event organised by the trust in collaboration with the Ministry of Tourism and supported by Gujarat Tourism. The 1934 Packard 1107 Coupe Roadster that won the 'Best of Show' award car is owned by industrialist and car collector Gautam <keyword id="1114" type="General" weightage="80" keywordseo="singhania" source="Orion">Singhania</keyword>, they said. Singhania, the chairman and managing director of Raymond group, also owns the 1923-era fire truck that was put on display. The 1949 Rolls-Royce Silver Wraith is owned by Yohan Poonawalla while the Nash Ambassador Series 1290 Sedan belongs to Delhi-based Diljeet Titus. On Saturday and Sunday, a large number of visitors drawn from Vadodara and other parts of Gujarat and foreign tourists witnessed the automobile extravaganza. The restored 1922 Daimler, originally made for the then Maharaja of Mysore, left visitors surprised with a sense of awe and wonder, as did the 1948 Bentley Mark VI Drophead Coupe (labelled 'Baroda 2') that was originally made for a Maharani of Baroda. Madhya Pradesh-based Yash Pathak, the current owner of the 1922 beauty, says he bought the car a couple of years ago from a person in Delhi. "It was built for the Mysore Maharaja and one can see the royal insignia mounted on the engine front. It also has a wooden bar cabinet, a metallic peacock sitting atop the bonnet, and it has a wooden body over which metal was added," he told PTI. Another car that attracted a lot of visitors over the three days is a black beauty of the 1930-era, owned by UK-based Dhanraj Gidwaney, a passionate vintage car collector. The black two-door Bentley Vanden Plas originally belonged to the Indore State as displayed on the number plate, and then sold to an owner of an Indian luxury hotel chain, from whom "I acquired it in 2018 and got it restored," Gidwaney told PTI on Saturday The car has been "restored to original glory", he said, as he waited for the jury members to assess his machine. Vintage car collector Poonawala, besides displaying the 1949 Rolls Royce Silver Wraith, also showcased a 1933 sports saloon -- Rolls Royce Phantom II Continental, bearing the number 'AGO 1', as photographers sought to capture this beauty also in their cameras. But, it wasn't just regular vintage cars that drew crowds, the 1923 red vintage fire truck, displayed by Singhania also was a show stealer in Vadodara. Singhania also took to social media on Saturday to share his feelings about the show, and wrote on Twitter that "it was amazing to experience India's rich automotive cultural heritage". The fire truck was made by the firm American LaFrance Fire Engine Co. Ltd, and Singhania's staff also revved up its engine, as the sight and sound of this rare beauty delighted people. Sebestian <keyword id="16006225" type="General" weightage="80" keywordseo="buchel" source="Orion">Buchel</keyword>, a jury member at the event, when asked what factors are considered while judging an entry, said, originality, matching numbers and history are important factors. "Engine, body, chassis, and paint job, among other factors, are also important. But, most importantly it has to be as original as possible," Buchel told PTI. More than 200 dazzling vintage beauties and classic Indian marquees, 120 vintage bikes and Maharaja cars were part of the display. Other cars which were on display included a 1911 Napier, a 1930 Cadillac, a 1930 Chevrolet Depot Hack, a 1935 Ford Special, a 1938 Armstrong Siddeley, a 1947 Buick Roadmaster Convertible, a 1947 Daimler DB18, a 1948 Humber, a 1948 Buick Super, a 1936 Dodge D2 a Convertible Sedan, a 1942 jeep ford GPW, a 1936 Bentley 3.5 and a 1937 Bentley 4.24, the organisers said. "The oldest automobile on display was the 1886 Benz Patent Motorwagen -- the first car invented by Karl Benz -- pioneering founder of Mercedes-Benz," a spokesperson of the organisers said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-reliance-jio-and-vodafone-idea-q3-earnings-preview-tariff-hikes-a-key-trigger/articleshow/96796094.cms">Churn and fewer 4G subscribers to slow down telecom revenue growth in Q3</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-aap-ki-adalat-interview-dhirubhai-ambani-is-my-role-model-mukesh-ambani-a-very-good-friend/articleshow/96828407.cms">Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani</a>

Cars from the royal-era: 1922 Daimler, 2-door Bentley make heads turn at Vadodara vintage car show

<ul><li><keyword id="254218" type="PERSON" weightage="20" keywordseo="Sanjay-Behl">Sanjay Behl</keyword> served the company for seven years. </li><li>Raymond Group is now in the process of forming a new company that is focussed on lifestyle business as part of the demerger process at Raymond Group.</li></ul>Sanjay Behl, CEO-Lifestyle Business Raymond Limited has decided to step down from his current role after serving for 7 years in the company. In a statement released for media, Raymond Group thanked Sanjay Behl for his contributions during his stint. It further said that this development is a natural transition and they are in the process of forming a new company that is focussed on lifestyle business as part of the demerger process at Raymond Group. While they are in the process to appoint a new CEO, Sanjay Behl has agreed to help in the transition and a seamless handover. Raymond Group announced the demerger recently and has already initiated the process of completing the formalities for listing the new lifestyle entity, ‘Raymond Lifestyle Ltd.’ The Lifestyle Business through a new listed company will have the existing business of Branded Textiles, Branded Apparel &amp; Garmenting. Commenting on the development, <keyword id="782440" type="PERSON" weightage="20" keywordseo="Gautam-Hari-Singhania">Gautam Hari Singhania</keyword>, Chairman &amp; Managing Director said, “Raymond is managed by a strong team of professionals and we are confident of hiring the best-in-class CEO for the proposed listed entity as we embark on a new phase of transformation at Raymond Reimagined”. Expressing his views, Sanjay Behl, CEO Lifestyle Business said, “I had a very satisfying professional stint with Raymond and enjoyed my journey of seven years. Having garnered a rich experience at Raymond, I now want to pursue some other professional interests and I wish Raymond family all the best for a great future”

Raymond's Sanjay Behl steps down

<ul><li>There will be job cuts at the Raymond Group, Chairman and Managing Director Gautam Singhania tells his employees via a video message.</li><li>I am pretty sure that this lockdown will get extended and liquidity is becoming a major problem, he added.</li><li>Raymond, known for its suits, is a diversified group with interests ranging from textiles and apparels to condoms and deodrants to manufacturing ring gears used in automobiles aside from bearings for water pumps. </li><li>The listed stock Raymond Limited is down nearly 60% since the start of 2020 largely due to impact of the novel coronavirus pandemic. </li></ul>There will be job cuts at the Raymond Group, revealed the billionaire Chairman and Managing Director Gautam Singhania told his employees via a video message. "I am pretty sure that this lockdown will get extended further (beyond May 3)," he said before declaring that the executives will have to take "tough decisions" and make "personal sacrifices. Raymond, known for its suits, is a diversified group with interests ranging from textiles and apparels to condoms and deodrants to manufacturing ring gears used in automobiles aside from bearings for water pumps. Aside from hinting at layoffs, Singhania also revealed that he will not be taking home any salary until the lockdown is in place and will take a "substantial cut" even after the lockdown is lifted. <div type="image" title="singhania salary." msid="75219455" hostid="261"></div> The listed stock Raymond Limited is down nearly 60% since the start of 2020 largely due to impact of the novel coronavirus pandemic. "The core textile business continues to be impacted by the low consumption with branded textiles posting muted topline growth despite price hikes and the channel sales in the apparel division witnessed significant discounting," a Karvy Stock Broking report said in early January this year. <div type="image" title="raymond" msid="75218834" hostid="261" caption="&amp;lt;p&amp;gt;Raymond Limited share price chat.&amp;lt;/p&amp;gt;"></div> Raymond <a href="https://www.businessinsider.in/raymond-chairman-gautam-singhania-latest-interview-earnings-outlook/articleshow/68519775.cms" data-type="tilCustomLink" target="_blank">top boss Gautam Singhania</a> has been saying that he is looking to reduce debt for a few years now but his best laid plans have come cropper. The company's gross debt stood at nearly ₹2,420 crore at the end of December 2019 whereas the market value of the company was ₹1,819 crore on April 17. <div type="image" title="raymond profit and debt" msid="75219470" hostid="261" caption="&amp;lt;p&amp;gt;Raymond profit and debt chart&amp;lt;/p&amp;gt;"></div> There were about 7,087 employees on the rolls of Raymond at the end of March 2019 but there are many people working on contracts or with its channel partners, distributors etc. whose livelihoods are at stake. Watch Singhania's entire video message here: <div type="Youtube" id="_0-7q1fAr2Q" title="CMD Gautam Hari Singhania's address to Raymondites - COVID-2019" thumbUrl="https://i.ytimg.com/vi/_0-7q1fAr2Q/mqdefault.jpg"></div> Here's the full transcript of Singhania's video message to his employees: Hello and good afternoon to all the Raymon-ites. As you know, the world is going through a very tough time, and the corporate crisis is getting bad to worse, not only in India but globally. As many of you know, the lockdown has been extended to the 3rd of May currently. Whilst it is 3rd of May, I am pretty sure that this lockdown we get extended. In this environment, I think we have to survive at any cost. Liquidity is becoming a major problem and the teams within the organisation are working very hard to find liquidity. We must conserve costs, at any cost, and also make sure that we focus on our collections. Every drop will count and we have to work very hard at staying afloat at this tough time. Whilst I will address you all at the appropriate time, I just wanted to take this opportunity to message everybody to ask you to be safe, manage costs, collect money that is due to us and I'm sure this tough time will pass and we will last. We are getting the support from all our trade partners and I'm sure the management team is fully committed to putting this behind us. In light of the current situation, I have taken a decision that I will not be taking any salary from the company till the lockdown is in place, and even after that I will be taking a substantial reduction for the same. Also, these are tough times right now and I think each and everybody in the organization will be required to take some tough measures and personal sacrifices. We need to brace ourselves for this unprecedented time and I'm sure we will come out better at the end of it. I wish you all the very best in this endeavor and I will be continuously from time to time sending you messages on the same. I wish you and the family all the very best and be safe. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/exclusive-genpact-puts-over-200-employees-in-india-on-the-bench-hoping-to-find-them-a-role/articleshow/75198685.cms" data-type="tilCustomLink" target="_blank">EXCLUSIVE: Genpact puts over 200 employees in India ‘on the bench’ – hoping to find them a role</a> <a href="https://www.businessinsider.in/advertising/brands/news/raymonds-sanjay-behl-steps-down/articleshow/74554384.cms" data-type="tilCustomLink" target="_blank">Raymond's Sanjay Behl steps down</a> <a href="https://www.businessinsider.in/business/corporates/news/raymond-is-spending-millions-on-sap-microsoft-pwc-and-accenture-to-rewire-the-company/articleshow/71501444.cms" data-type="tilCustomLink" target="_blank">Raymond is spending millions on SAP, Microsoft, PwC, and Accenture to rewire the company</a>

"Every drop will count," ⁠says billionaire Gautam Singhania as he hints at job cuts at Raymond in a video message to employees

New Delhi, Apr 7 () The ongoing lockdown imposed to contain coronavirus pandemic will only have a "short-term" sales impact on apparel industry, while softening commodity prices will support overall profitability during the current fiscal, according to a top official of Raymond Ltd.The branded fabric and fashion retailer also expects a gradual pick up across various retail formats once normalcy returns after the lockdown is lifted."As we are all aware that due to the lockdown in the entire country, all our point of sales are shut impacting our business in short term. However, we are confident that once the lockdown period is over, the sales would gradually pick up across various retail formats in the country," Raymond Group CFO Sanjay Bahl told .He, however, said it is not all gloom and doom for the sector."While there is a slump in demand due to the pandemic, commodity prices have softened which would support in the overall profitability during the current fiscal," Bahl said.When asked if apparel retailers are in for heavy discount sales once the lockdown is over to clear stocks, he said, "As the current situation is highly unpredictable, we have to wait and see how things unfold in the coming weeks."The month of May might witness some consumer promos as brands will try to make up for the lost sales. We do expect an early onset of end of season sales akin to what happened during GST implementation in the country."Bahl, however, said this will be a great opportunity to break away from the season mentality that is a western concept and not very viable in the Indian context."Taking into account the immense volatility that requires prior commitments of 8 to 9 months in advance, Indian brands could think about creating products much closer to the season then following the regular sales cycle," he said.On suggestions that online sales would increase with people preferring to stay home to avoid store visits due to fear psychosis of the pandemic, he said, "While it might take some time for physical stores to be out of the lockdown impact, there might be some traction on the online channels for a short term".Till the time life returns to normalcy and consumer sentiment bounces back to pre-pandemic levels, Bahl said, "It is hence pertinent for retailers to leverage e-commerce and omni-channel for effective inventory management".On store expansions, he said that in the current scenario, it would be premature to comment on store expansion at this stage as the market dynamics will evolve once the lockdown is over.Raymond has already deeply penetrated in India with presence in over 600 towns through 20,000 point of sales, he said. KRH RKL BALBAL

Raymond expects gradual pick up after lockdown

<ul><li><keyword id="6368261" type="COMPANY" weightage="20" keywordseo="raymond">Raymond</keyword>'s <keyword id="6405378" type="PERSON" weightage="20" keywordseo="gautam-singhania">Gautam Singhania</keyword> will step down as <keyword id="6364480" type="UNKNOWN" weightage="20" keywordseo="chairman">Chairman</keyword> from group companies </li><li>Family control over the group's management will end with Singhania's exit </li><li>Singhania and his father are in a fight over a disputed apartment</li></ul> India's Raymond Group, which owns a slew of businesses from ready-made garments and toiletries to engineering tools and chartered planes, is set to be free from the clutches of a family that has run it for the conglomerate's entire history. Gautam Singhania revealed that he will step down as Chairman from all group companies, in an interview to the Economic Times (ET), including the flagship company Raymond that is known for suits. The scion of the Singhania family known for <a href="http://overdrive.in/news-cars-auto/features/2015-ferrari-challenge-gautam-singhania-indias-gentleman-racer/" data-type="tilCustomLink" target="_blank">lavish life and flamboyant style</a>, Singhania, will make way for professionals to run the group companies. “Tomorrow morning if I die, god forbid, there are identified people who will take charge of everything. Raymond can run independently and competitively. My children are very young. I have a responsibility to my wife and children, to my employees and shareholders, my banks, institutions and customers," the 53-year-old told the newspaper. It's an unusual move in India, which has the most number of family-owned businesses, only behind the United States and China, according to a Credit Suisse <a href="https://www.credit-suisse.com/media/assets/apac/docs/whitepapers/csri-the-cs-family-1000-2017_en.pdf" data-type="tilCustomLink" target="_blank">report</a> in 2017. However, the move is significant given Gautam's <keyword id="6371281" type="UNKNOWN" weightage="20" keywordseo="property-dispute">property dispute</keyword> with his father <keyword id="178079" type="PERSON" weightage="20" keywordseo="Vijaypat-Singhania">Vijaypat Singhania</keyword>. Vijaypat claims the he should get an apartment in the Singhania family-owned JK House under a 2007 agreement. However, Gautam took the decision to the Raymond board to deny his father's claim as the price agreed upon in 2007 was too low. The elder Singhania is reportedly planning a legal salvo while working on a book that tells his side of the story. "I would advise parents everywhere not to make the mistake of giving away all your savings to your children during your lifetime," Vijaypat said in an interview last week. Meanwhile, Gautam has offered to have a dialogue with his father after a failed appeal to the court to stop the release of the book. Long history Raymond started in 1925 as a small wooden mill in Thane in the outskirts of Mumbai, according to the company website. It grew multi-fold over the next couple of decades but only as a player in textile and related products. It was in 1950 that the group started engineering files. <keyword id="90333" type="PERSON" weightage="20" keywordseo="Kama-Sutra">Kama Sutra</keyword> condoms were born in 1991, and the chartered planes took off in 1996. Gautam Singhania took over the reins in 2000, and as of 2018, the company was exporting its products to 55 countries and has manufacturing units outside India. However, the escalating feud between the father and son has left a blot on a billion-dollar empire.

You Searched For "raymond group" and got 12 results

Raymond group sells FMCG biz to Godrej for Rs 2,825 crore in all-cash deal

PTI

Lockdown effect: People are ready to get dressed & go says Gautam Singhania of Raymond

Katya Naidu

EXCLUSIVE: Two revelations and a fiery defence from Raymond’s boss Gautam Singhania

Sriram Iyer

Defence procurement procedures being reviewed by govt: Cheema

BI India Bureau

Take a look at India’s top 5 CEOs and their fancy cars!

Usha Rani Das

This E-grocery Start-up Uses A Lean Model For Its Online Supermarket; In Talks To Raise Series B Funding

Sanghamitra Mandal

Raymond shares hits record high after textile company's board announces demerger of real estate arm

ANI

Cars from the royal-era: 1922 Daimler, 2-door Bentley make heads turn at Vadodara vintage car show

PTI

Raymond's Sanjay Behl steps down

BI India Partner

"Every drop will count," ⁠says billionaire Gautam Singhania as he hints at job cuts at Raymond in a video message to employees

Sriram Iyer

Raymond expects gradual pick up after lockdown

PTI

While fighting his father, an Indian billionaire will quit his nearly 100-year old conglomerate

Sriram Iyer

Popular Keywords

Buying Guides