Raymond expands into international markets; aims to double FMCG business by 2020
The group aims to double its FMCG turnover to Rs. 1,000 crore over four years.
Leading textile and ready-to-wear apparel retailer, Raymond Group, has announced the foray of the FMCG arm of company into international markets in the Middle-East and South Asia with the launch of One Park Avenue, a range of men’s grooming products.
With this renewed focus on the FMCG business, the group aims to double its FMCG turnover to Rs. 1,000 crore over four years. The current combined revenue between the two companies, JK Helene Curtis and JK Ansell, is Rs. 500 crore. Raymond’s Middle-East FMCG business, which had gone dormant for a few years, will be revived and the brand will also make an entry into Bangladesh and Nepal markets.
“We are reinventing the 27-year-old Park Avenue brand for the global market as a new-age world class product, as there is going to a stronger focus on FMCG business for the Raymond Group,” said Gautam Hari Singhania, Chairman & Managing Director, Raymond.
Regulatory procedures are currently underway for the acquisition of Ansell’s stake in JK Ansell. “Once the regulatory approvals are through and the acquisition is completed, we will certainly look at a unified FMCG organisation,” said Giriraj Bagri, CEO of the FMCG business for Raymond.
Speaking about the entry into international markets, Bagri said, “We had to get our FMCG house in order to make an entry into the overseas markets as it has been dormant for the past three to four years.”
“Park Avenue has a 10 per cent market share in the deo category, next only to Vini Cosmetic’s Fogg brand, which has a 16 per cent market share,” said Bagri.
Bagri confirmed that Raymond will launch a promotional campaign in relation with the newly launched FMCG entity. But he did not reveal any details on the exact timeline or the investment into the marketing and promotional initiatives.
Park Avenue has 12 products in its portfolio including deos, soaps and shampoos. It has now been extended as an eau de parfum. It has a retail presence across 250,000 outlets in the domestic market and hopes to double that number by 2020.
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