Raymond Lifestyle to open 900 stores in coming three years

Raymond Lifestyle plans to launch 900 new stores in the coming three years to boost sales growth and profits. The demerged unit of textile giant Raymond will list its shares on the bourses on September 5.

Raymond Lifestyle aims to reach annual sales growth of between 12% and 15% in the coming three years, Raymond Lifestyle’s chairman Gautam Singhania told ET Retail. The business is also targeting an increase in its operating profits of between 18% and 20% and expects its large scale brick-and-mortar expansion roll out to contribute to this significantly.
 
Raymond Limited demerged Raymond Lifestyle to increase value to its shareholders and announced the appointment of four new independent directors: G C Chaturvedi Dinesh Lal, Vineet Nayar, and Anisha Motwani in July this year. Raymond Limited also announced its plans to carry out a vertical demerger for its real estate business into its wholly owned subsidiary Raymond Realty Limited in July.
 
“The demerger aims to unlock shareholder value by creating a focused lifestyle business entity, allowing investors to concentrate on this specific theme,” Singhania told the Economic Times. “The standalone entity will sharpen strategic focus on the lifestyle segment, driven by a professional management team.”