Group CFO Amit Agarwal, Retail Information, ET Retail

Raymond seeing 60% demand uptick this festive season: Group CFO Amit AgarwalIndia’s main attire maker Raymond is witnessing a requirement surge to the tune of 60 per cent this festive season as prospects are more and more loosening their purse strings and returning to bodily shops for procuring, mentioned the corporate’s Group Chief Finance Officer Amit Agarwal. Demand progress is aided by the beneficial low base of final yr, he added.

“We’re seeing extraordinarily sturdy demand. Each attire and material segments are doing effectively. We’re nearly reaching pre-Covid ranges. In comparison with final yr, I might say demand is up 60 per cent (to date this festive season). We’re seeing good demonstrable progress. There’s numerous enthusiasm amongst individuals when it comes to procuring,” Agarwal advised ETCFO.

The finance govt mentioned individuals are completely satisfied to return to the bodily shops although they’re sustaining warning. Additionally, common spending by prospects has elevated, he mentioned. “Our shops are already full…We’re seeing good traction when it comes to individuals wanting to return, they need to drape the material on themselves, and go contained in the attire (shops). They need to contact and really feel the material…If earlier the client was spending X, now he’s spending 1.2X,” he mentioned.

The CFO is hoping the demand momentum to proceed additional, aided by festive demand in addition to marriage demand.

Covid third wave, provide chain dangers

The finance govt burdened Raymond shouldn’t be taking the pandemic scenario calmly even because the demand setting appears to be like encouraging and the infections are on the decline. “We’re nonetheless taking full precautions nonetheless,” Agarwal mentioned. The finance govt hoped that the Covid third wave impression could be minimal.

On the availability facet, he mentioned there might be some minor points however assured that the corporate has good relations with its suppliers, and thus it doesn’t count on it to be a significant problem.~

Raymond clocked Rs 3,648 crore revenues within the monetary yr 2020-21. The pandemic considerably affected its revenues within the first half. Nevertheless, the gradual unlocking within the second half of the fiscal, helped the corporate witnessed an encouraging rebound available in the market with the progressive restoration of shopper sentiments. There was a bounce-back in gross sales to nearly thrice in H2 as in comparison with H1FY21. Within the fourth quarter of FY21, Raymond grew by 9 per cent.

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