Prominent textile and clothing manufacturer Raymond, whose chairman and managing director is Gautam Hari Singhania, has stated that the company is prepared to seize this opportunity after receiving a “huge number of enquiries” from international businesses following the crisis in adjacent Bangladesh.
According to Singhania, Raymond is prepared to “take advantage” of the current circumstances. Raymond has invested in its garmenting plant to become the third largest suit producer in the world.
When asked if he anticipated some Bangladeshi clothing companies moving to India, he replied, “We are hoping so.” We’re keeping an eye on the questions. Although it will undoubtedly take some time, there are encouraging signals in that regard.
Since firms like Raymond are involved in both the fabric and garmenting industries, India is better-positioned with its end-to-end supply capabilities connecting all stages, he said. This will save multinational brands time on final delivery.
Bangladesh lacks a supply of fabric. Since we have the fabric base here, India has a fantastic chance to benefit from this fabric supply. They simply have a clothing foundation,” Singhania remarked.
Raymond’s capacity expansion, according to Singhania, has gone online at the ideal moment.
“So we are lucky to have those capacities,” he added. He said, “we are… always looking for opportunities” .
Even if work in India could cost more than in Bangladesh, “consider the whole picture.” I have an end-to-end supply and fabric. You give me money in exchange for saving you time.”
Furthermore, India has a sizable middle class with strong purchasing and manufacturing power, and it is a politically stable nation.
Following its demerger with parent company Raymond, which is scheduled to list this week, the business has unloaded Raymond Lifestyle. This would be the home of the over a century-old Raymond group’s apparel-related enterprises.
India is becoming a favoured sourcing destination as part of the global ‘China+1’ strategy, alongside Bangladesh.
“This is playing to our advantage, leading to stronger business relationships with existing customers and presenting multiple opportunities for new markets and customer acquisition,” he stated.
“Everyone requires a plan for hedging. No one wants to place all of their eggs in one basket “said Raymond CMD.
Furthermore, India produces garment-related work of a higher calibre than China.
India is about value, whereas China is about quantity. If you want inexpensive quality, go to China. We are value and quality, and they are volume,” Singhania remarked.
Leading multinational brands rely on Raymond’s Garmenting Unit as a white-labelled manufacturer and integrated provider of high-value clothing items.
As per the most recent annual report, Raymond can manufacture 3.2 million jackets, trousers and shirts in Ethiopia and 7.5 million in India.