New Delhi: Raymond, a leading menswear brand in the country, is looking to enhance its relevance among younger demographics and build its ready-to-wear category, said Sunil Kataria, CEO of Raymond Lifestyle, while speaking at the Great India Retail Summit 2024, that happened in Mumbai last month.
Kataria outlined the company’s strategic pivot towards casualization within this segment, offering a diverse assortment to cater to evolving consumer preferences.
While speaking at the Summit on the topic – ‘Navigating future horizons amidst changing consumer realities’, Kataria shared profound insights into the changing consumer behavior pre- and post-pandemic. “It is one of the most difficult things to predict consumer behavior. It takes a lot of intuitive judgment based on research to get the right consumer insight and post Covid it has become more difficult,” he said.
Kataria pointed out a fundamental shift in mindset characterized by the “You Only Live Once” ethos, influencing decisions across generations. He said that consumers have become more health conscious and are focusing more on safety which is impacting their buying decisions.While discussing the trend of rising demand for premium products over mass-market offerings, he said this shift is due to Covid-led behavior changes, generational shifts, and economic dynamics. And the middle class’s increasing propensity for premiumization and bridge-to-luxury category has fueled this trend.Discussing the evolving retail landscape, Kataria shared that offline retail has come in full swing post-pandemic. However, e-retail which experienced a surge during the pandemic has now stabilized surpassing pre-pandemic levels- signaling shifts in offline and online retail.
Addressing pricing and market strategies, Kataria emphasized Raymond’s focus on defining its addressable market, spanning from mid-range to premium segments. He stated, “There will be an upgrade from unbranded to branded market and it is going to expand further.”
With a keen eye on product quality and branding, he shared that the company has broadened its product portfolio in the ethnic wear category to resonate with diverse consumer segments.
In line with its growth ambitions, Raymond is looking to expand its footprint with its ethnic wear category. It plans to add over 125 stores in the coming 12-18 months, expanding its retail presence and capturing emerging market opportunities.
