NEW DELHI: Leading textiles and apparel company Raymond has received a “huge number of enquiries” from global firms after the crisis in neighbouring Bangladesh and is ready to grab this opportunity, its CMD Gautam Hari Singhania said.
Raymond, which has invested in its garmenting facility to become the third largest suit maker in the world, is ready to “take advantage” from the current situation, he said.
Asked if he expects shifting of some garmenting business to India from Bangladesh, he said, “We are hoping so. We are seeing the inquiries. It obviously needs a little bit of time, but we are certainly seeing positive signs on that.” India is better-placed with its end-to-end supply capabilities linking all stages as companies as Raymond are present in both fabric and garmenting business, which, in turn, will save time for international brands also on final delivery, he said.
“Bangladesh does not have a fabric supply. India has got a great opportunity to take advantage of this fabric supply because we have the fabric base here. They have (only) garmenting base,” said Singhania.
Singhania said Raymond’s capacity expansion has come online, which is perfectly timed. “So we are lucky to have those capacities,” he said, adding, “we are... always looking for opportunities”. Though Indian labour may be more expensive than Bangladesh, “look at the totality of the situation. I have a fabric and end-to-end supply. I save your time for which you pay me something.” Moreover, India is a politically stable country with a large middle class with great consumption and manufacturing capabilities.
As per its latest annual report, Raymond has a capacity to produce 7.5 million pieces of jackets, trousers and shirts in India and 3.2 million in Ethiopia.