How Satyaki Ghosh plans to restore Raymond Lifestyle to its former glory
Bengaluru/Mumbai: For decades, Raymond sold India the idea of “The Complete Man.” Today, its newest chief executive officer (CEO) is trying to revive one of
Bengaluru/Mumbai: For decades, Raymond sold India the idea of “The Complete Man.” Today, its newest chief executive officer (CEO) is trying to revive one of the country’s most iconic apparel brands after years of leadership churn and changing consumer preferences eroded its dominance. As the fourth CEO in five years, Satyaki Ghosh faces the formidable task of restoring Raymond Lifestyle to a position of strength, reviving growth, rebuilding shareholder confidence and convincing investors that the century-old company can deliver a sustained turnaround after years of instability. Ghosh, who took the reins at Raymond Lifestyle in January, has earmarked FY27 as a year of consolidation, closing loss-making stores, streamlining operations and doubling down on premiumisation and casualisation before embarking on the company’s next phase of growth. Also Read | Raymond Lifestyle appoints fourth CEO in five years amid sales slowdown "This year is going to be about consolidation because there has been a lot of ups and downs in Raymond Lifestyle," Ghosh said in an interview with Mint. "We would directionally try to double in five years, but the whole piece is on the quality of growth rather than the quantity of growth." The strategy comes even as Raymond Lifestyle delivered a mixed performance in the June quarter. Consolidated revenue rose 6% year-on-year to ₹1,516 crore. Higher depreciation and finance costs following the demerger from Raymond Ltd in 2024, however, widened the company's consolidated net loss to ₹23 crore from ₹20 crore a year earlier.
Ghosh's turnaround rests on two pillars—premiumisation and casualisation. Rather than relying on broad-based price hikes to offset rising input costs, Raymond Lifestyle is increasing the share of higher-margin products across its portfolio while strengthening categories seeing faster demand. "One is premiumisation and the second is casualisation," Ghosh said. Also Read | Repeat buyers cushion BlueStone as jewellery demand cools Raymond Lifestyle operates across branded textiles, apparel, garmenting, high-value cotton shirting and an emerging businesses portfolio comprising Raymond Home, Ethnix by Raymond, Park Avenue Innerwear, Chairman's Collection and its sexual wellness business. Branded textiles remained its largest business in the June quarter, contributing ₹684 crore in revenue, followed by branded apparel (₹349 crore), garmenting (₹296 crore), high-value cotton shirting (₹195 crore) and emerging businesses (₹79 crore). Garmenting was the standout performer, growing 50% year-on-year, while branded apparel and emerging businesses grew 4% and 9%, respectively. Branded textiles and high-value cotton shirting declined 2% and 5%. To drive premiumisation, Raymond is selectively increasing prices at the upper end of its portfolio while expanding the mix of premium products such as luxury shirts and higher-end suit lengths. At the same time, it is strengthening its casualwear portfolio through brands such as ColorPlus and Parks, both of which posted double-digit growth during the June quarter. Casual collections within Park Avenue and Raymond ready-to-wear also recorded strong growth, while e-commerce is growing at a high double-digit pace and now contributes about 12-13% of revenue.
The BriefWire