Raymond eyes Europe to cut reliance on US
Raymond Lifestyle expects Europe to account for roughly a quarter of its exports in two years as the Indian apparel maker expands in the region
Raymond Lifestyle expects Europe to account for roughly a quarter of its exports in two years as the Indian apparel maker expands in the region to reduce reliance on the United States amid shifting trade policies, CEO Satyaki Ghosh said.The plan comes as Indian garment exporters reassess their dependence on the U.S. market after tariff-related disruptions and position for higher demand following India's trade deals with Britain and Europe.The United States is India's biggest textile and apparel export market, accounting for just over a quarter of the country's total exports.Before U.S. President Donald Trump's tariffs, the U.S. accounted for 65% of Raymond's total exports, compared with 17% for Europe. Ghosh expects the U.S. share to decline to 55%-60%, while Europe's rises to 20%-25% in two years."Europe will grow faster for us," Ghosh told Reuters, adding Raymond's recent meetings with new customers in Europe were starting to bear fruit and, together with the trade deals, could provide a "double boom" to the business.European inquiries have risen by double digits following the trade deal announcements, Ghosh said, with about 30% converting into orders - especially from the United Kingdom - and more in the pipeline.Raymond, which owns brands such as Park Avenue and ColorPlus and counts clients including JCPenney and Charles Tyrwhitt, has already added fresh customers in Poland, Germany and France, the CEO said.Exports made up a fifth of its revenue in fiscal 2026.India's total textile and apparel exports to European countries among its 10 largest markets rose 9% to 694.45 billion rupees ($7.29 billion) in 2025-26, the first fiscal year after Trump's announcements of "reciprocal tariffs", while exports to the United States fell 7%, government data showed.To meet rising orders from Europe, Raymond is stepping up production at its Ethiopia plant, with its Andhra Pradesh plant in southern India set to more than triple production lines to 10 over the next two years.
The BriefWire