Raymond Group, Indian textile major has created over 3 million (30 Lakh) work hours of employability for Khadi artisans at 30% higher wages in more than 75 clusters across 16 states during FY 2018-19.
“We created over 3 million hours of employability for Khadi artisans in more than 75 clusters across 16 states in India.”, said Gautam Hari Singhania, Chairman and Managing Director in Annual Report 2018-19.
“In a bid to encourage inclusive growth, Raymond continues to enrich the tailoring ecosystem, providing a platform for skill development in the textiles and apparel manufacturing industry by rapidly adding tailoring hubs across the country.”, Gautam Hari Singhania said.
The first Khadi store by Raymond was started at Kala Ghoda, Mumbai in February 2019.
Raymond has established a Greenfield linen manufacturing plant of Amravati during the year.
India’s apparel market is majorly driven by menswear, which holds major share in the apparel business, accounting for 43% of the total market. Women’s wear contributes almost 36%, while kids wear constitutes 21% of the apparel market. The sector is one of the fastest growing markets globally, supported by a robust demand growth.
“With world-class product quality and steadily increasing sourcing capability, we are committed to make Khadi a global currency of fashion from India.”, Said, Sanjay Behl, CEO – Lifestyle Business.
“With a strong financial performance during FY 18-19 by all our businesses and purposeful strides on strategic milestones, we are making steady progress towards our vision of Raymond Reimagined.” report added.
India’s textiles industry is among the oldest industries in the country dating back several centuries. It is one of the largest contributors to the economy accounting for 4% of the GDP. It is the second largest contributor towards employment generation, after agriculture, contributing 10% to the country’s manufacturing, owing to its labour-intensive nature. The industry is characterised by its robust vertical integration in almost all the sub-sectors.
As a flagship business of Raymond Group, its Branded Textile segment has a dominant position in the Indian market as a B2C branded player for suiting and shirting fabrics. The vertical has grown over the years on the back of strong channel partner relationships, some lasting more than 50 years, as well as wide distribution reach.
With a strong distribution network that addresses robust fabric demand across Tier 1 cities to Tier 6 towns, the business has consistently launched new products and services keeping up with the customers’ needs and preferences. In FY 2018-19, it witnessed strong growth driven by network expansion supported by growth in institutional and exports category.
The textiles and apparel industry constitutes 14% of the total exports of the country. India is the second largest producer and exporter of textiles after China and fourth largest producer and exporter of apparel after China, Bangladesh and Vietnam.
The fundamental strength of India’s textile industry is its strong production base with a wide range of fibres and yarns that include natural fibres like cotton, jute, silk and wool; and synthetic and manmade fibres such as polyester, viscose, nylon and acrylic.
The Indian apparel industry was worth an estimated $54 billion in 2018 and projected to reach $118 billion in 2028 growing at CAGR of 8% over 2018-28 period.