Raymond Brochure 2019

FINANCIAL YEAR 2018-19
Table of Contents
About Raymond & Year in Review 2-33 Business Review 50-69
Raymond at a Glance 2 Branded Textile 50
Our Businesses 4 Branded Apparel 52
Accelerating Transformation 8 Retail 56
Chairman and Managing Director’s Message 10 Garmenting 58
Raymond Transformation Drivers 12 High Value Cotton Shirting 60 Embarking on the transformational
Our Brands 14 Tools & Hardware 62 journey three years back and
Our Reach 16 Auto Components 64
being agile in our strategy of
Our Strengths 18 Denim 66
‘Raymond Reimagined’, we are
Lifestyle CEO’s Overview 20 FMCG 67
Group CFO’s Overview 22 Raymond Realty 68
steadfast on our path towards
Key Performance Indicators 24 Our People 70-71 building the Raymond for tomorrow.
Risk Management Framework 28 Beyond Business 72-73 In FY 2018-19, we entered a phase of
Our Board & Management 30 Awards & Accolades 74-75 focussed execution, building
Passion Stories 36-47 Stock Performance & Shareholding Pattern 76 tech-enabled capabilities and
platforms that would gear the
organisation for futuristic
long-term growth and value creation.
For FY 2019-20, we are preparing
ourselves for future opportunities
to fulfil our vision to build on our
strengths, capabilities and offerings.
Online Report
raymond.in/investors
Caution regarding forward-looking statements
This Annual Report contains statements about expected future events and financial and operating results of Raymond Group, which may
be classified as forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to
inherent risks and uncertainties. There is significant risk that the assumptions, predictions and other forward-looking statements will not prove
to be accurate. Do not place undue reliance on forward-looking statements as a number of factors could cause assumptions and actual future
results or events to differ materially from those expressed in these forward-looking statements.
‘The Raymond Group’ (or “Company”) includes reference to the Raymond Limited, its Subsidiaries, Joint Ventures and Associates.
Raymond at a glance
For close to a century, Raymond
has been synonymous with
Excellence, Quality and Trust. Raymond Reimagined
Raymond enjoys the patronage of millions of consumers. The Raymond Group was incorporated in
It is a brand that has consistently delivered—for over 1925. Over the years, the organisation
nine decades—world-class products and services transformed from being an Indian textile player
to its consumers. The sustained admiration for the to a large diversified group with leadership
brand Raymond is a manifestation of the Company’s position in Textiles and Apparel sectors, as
organisational values and capabilities. well as presence across FMCG, Engineering
and Prophylactics industries in domestic and
global markets.
Our values
Excellence Quality Trust
At Raymond, we believe in achieving An iconic brand that has been at Having stayed relevant for over
excellence in all we do. Be it crafting the helm of innovation, Raymond nine decades, the trust bestowed
world-class offerings, implementing has always been recognised for on Raymond by stakeholders has
industry best-practices or delivering a its high-quality product offerings. enabled us to become an iconic brand.
delightful service experience, the quest The testimony to Raymond’s success Being one of India’s most trusted
for excellence is integral to Raymond. is its loyal consumer base spanning textiles and apparel brands, we believe
domestic and international markets. that conducting business in a fair,
transparent and ethical manner is
pivotal to building strong relationships.
2 | Tomorrow on our Mind Raymond Limited | 3

Our Businesses
Consumer Business Business to Business
Branded Textile Garmenting

Suiting
3,153 High-end Suits
779
Shirting Sales (` Crores) Jackets Sales (` Crores)
9% Growth* 13% Growth
Made to Measure (MTM) Trousers
~20,000 Shirts
Mainly USA, Europe
Points-of-sale in 600+
towns in India and exports
and Japan
to over 40 countries
Read more on Page 50
Branded Apparel
Raymond Ready to Wear
1,647
Park Avenue Sales (` Crores)
17% Growth* Read more on Page 58
Color Plus
Parx
8,300+ High Value Cotton Shirting
Points-of-sale in
500+ towns in India Cotton 648
Sales (` Crores)
Linen
13% Growth*
Retail Catering to major

domestic brands
~2.4 mn sq. ft.
Retail space
6.3 mn 1,444
Raymond Rewards Exclusive Stores
members 1,392 stores in around 600
cities and towns in India and
Read more on Page 56 52 global stores in 9 countries
* Growth % excluding GST impact * Growth % excluding GST impact

Our Businesses
Engineering Business Joint Venture & Associates
Tools & Hardware Denim
Steel Files
401
Fabric
876
Garments Revenue (` Crores)#
Cutting Tools Sales (` Crores)
7% Decrease
12% Growth*
Hand Tools
Power Tools Accessories Leader in domestic files Strong market presence

market and exports to across Americas, Asia,
over 65 countries Europe and domestic
markets
# For 100% of Indian operations
FMCG
Park Avenue
350,000+
Read more on Page 62 KamaSutra Outlets
Premium
Strong retail presence

Auto Components in India and exports to
over 15 countries
Ring Gears
259 Read more on Page 67
Flexplates Sales (` Crores)
20% Growth*
Water Pump Bearings
Caters to major players New Business

and exports to over
20 countries Raymond Realty Overall ~120 acres of land
In FY2018- parcel at prime location
19, the Group
forayed into
in Thane
the real estate
business ~20 acres of land approved
for residential development;
currently ~14 acres being
developed
* Growth % excluding GST impact

Accelerating
Transformation The vision of Raymond Reimagined continues to guide the company
forward with our values powering its success. Raymond has stepped
up the transformation process through tech adoption, building
capabilities & enhancing efficiencies in order to take shape for the
challenges of tomorrow.
Heralding a future-ready Raymond
Synergistic
Business Model
New Segments Post integration of the value chain
New launches under apparel portfolio in the FMCG businesses, innovative
such as Khadi, Ethnix, Ceremonial, value-additions to product categories
Operational Excellence and the high-end bespoke lounge have helped Raymond achieve market
Raymond’s state-of-the-art linen called ‘Atelier’ are proving to be the leadership in several segments.
manufacturing unit in Amravati game-changers in the way experiential Engineering businesses continue
Close Collaboration with commenced operations in April 2018 sales is evolving amongst the to grow profitably with a renewed
Channel Partners and achieved nearly 100% capacity Indian diaspora. potency due to improvements in
utilisation within a quarter of its launch; operational efficiencies.
Tech-driven In FY 2018-19, Raymond achieved
the garmenting facility in Hawassa,
the fastest and largest expansion of
With technological infrastructure and enhancing customer experience, Raymond Ethiopia, is stabilising.
physical retail presence countrywide
is on its way to become a data-driven future ready organisation where real-time
through asset light franchise led model,
customer data becomes the source of business intelligence and valuable insights.
which is another first for the industry.

Chairman and Managing Directorʼs Message
Tomorrow on
Our Mind
Dear Shareholders, it was crucial for me to give up on industry by rapidly adding tailoring
all the responsibilities of day to day hubs across the country. In addition,
With Raymond Reimagined in our heart
management of multiple businesses we created over 3 million hours
and tomorrow on our mind, we are
and the company’s leadership team has of employability for Khadi artisans
re-writing the fundamental rules by
been reconstituted with the induction in more than 75 clusters across
which our group is run today. To meet
of new board members, bringing in 16 states in India.
the aspirations of an ever evolving
valuable expertise and experience.
consumer, rapidly changing dynamics Reckoned with the pioneering
of work environment and how humans With these broad changes and the initiatives in the field of education
are embracing technology, we are infusion of talented and experienced and providing equal opportunities
well on course on the journey of leadership, the company is geared for to all, at Raymond Group, we stay
augmenting who we are. exceptional growth. In FY 2019-20 the committed to our role in creating
Indian economy is expected to continue access and excellence in education.
With a strong financial performance
its journey of growth, the key demand We have added yet another school as
during FY 18-19 by all our
driver being its growing population Smt. Sunitidevi Singhania School at
businesses and purposeful strides
of young and aspiring professionals. Thane, which is due to commence in
on strategic milestones, we are
This presents an opportunity for us as the academic year starting June, 2019.
making steady progress towards
we have aggressively expanded our Today, we impart quality education to
our vision of Raymond Reimagined.
physical presence across the country 10,000 children a year through our
The business continues to build
to ensure last mile delivery. Our digital various schools and have a vision
capacities for enhanced performance
platforms complement these efforts to take this number to 1,00,000
and delivery across verticals with
by offering a seamless customer students countrywide.
innovative products and services
experience. Also, our international
as well as technology adoption that Today, with tomorrow on our mind, we
operations continue to stabilise that
include digitisation and automation. are building capabilities enabled by
is boosting our presence in US and
As the inevitable march of technology technology to create an organisation
Europe. I am also happy to report
continues, the Raymond of today has that is nimble footed and ready for
that our linen manufacturing plant in
positioned itself at the forefront of this future opportunities. Taking forward
Amravati stabilised in FY 2018-19.
movement to enable futuristic growth the last years’ customer centricity
and sustained value creation backed by The company is exploring newer theme ahead, and in the era where
future-ready eco-systems, AI, machine avenues to continue to enhance differentiated products and services
learning, advanced analytics, and more. shareholder value. This objective marks will keep us ahead of the curve,
its foray into the real estate sector with we are focussed to keep consumer
Today, we remain committed to
Raymond Realty. This foray underlines at the forefront to create a new
ensuring the highest standards of
our aim to unlock value and to monetise legacy for Raymond.
corporate governance and excellence
company’s assets by developing
The business continues to build at Raymond. I continue to advocate that
20 acres from the land parcel that it
capacities for enhanced performance if family businesses don’t adapt and
holds in Thane.
Gautam Hari Singhania
and delivery across verticals with bring in the distinction of ownership Chairman and Managing Director
and management then they run the In a bid to encourage inclusive
innovative products and services
risk of being obsolete. Having said growth, Raymond continues to enrich
as well as technology adoption that that, I stepped down as Chairman the tailoring ecosystem, providing a
include digitisation and automation. of Raymond Apparel Limited in platform for skill development in the
November 2018. As a large business, textiles and apparel manufacturing

Transforming for
Long-term Growth
Growth
Innovate and sustain the textile and garmenting businesses
Products Services Product extension
Invest and grow the apparel business
Asset-light Strengthening Retail Omnichannel Full wardrobe

network brands experience penetration and services
expansion solution
Unlocking value
FMCG Engineering Businesses Real Estate
Expand through brand Turnaround and sustain An opportunity to monetise

extension and category profitability land bank located at premium
expansion location in Thane
Professionally managed organisation focussed on enhancing value for all stakeholders

Our Brands
Our consistent focus on quality and customer-centricity has led to the creation
of iconic homegrown brands. Our brands have stayed relevant to customers
Branded Apparel
by constantly innovating and reinventing themselves. Portfolio of market leading brands in menswear segment
4 POWER BRANDS
NEW CUSTOMER SEGMENTS
Khadi
FMCG
Male Grooming and Sexual Wellness
Raymond is amongst the most trusted brands in India with near 100% consumer awareness
PA & KS - Highest combined Market Share among Mens Deodorants*

Branded Textile KamaSutra - an Iconic Sexual Wellness Brand
KS SPARK - India's No. 1 selling Aerosol Deodorant#
Engineering
No. 1 in worsted suiting fabrics in India
Largest branded shirting fabric player in India

JK Super Drive - No. 1 Brand in Steel Files in India
No. 1 in Made to Measure offerings in India
Sources – Market data, AC Nielsen reports - Moving Average Trend, *10 months, #12 months, Brand Trust Report

Rapidly Increasing
Retail Footprint
Exports to over 100 countries
National presence Global presence
1,092 52 1 4
stores stores plant Global offices
Retail Store Overseas Store Manufacturing Office

Locations Locations Location Locations
300
stores
New Retail Store

Locations (Mini TRS)
20 London
plants New York Shanghai

Dubai
Manufacturing
Locations
Ethiopia
51
tailoring hubs
Tailoring Hub
Locations
Mumbai
Corporate Office
The legends represent indicative

locations; map not to scale

Our Strengths
Manufacturing capabilities Wide distribution network
Raymond has state-of-the-art manufacturing facilities, which have witnessed significant Widest distribution reach in 600+ towns with ~20,000 Points-of-Sale in India in
investments to bolster scale, adopt cutting-edge technologies and facilitate integration. Branded Textiles
Located strategically, the manufacturing facilities are integral to the Company’s success.
300 Mini TRS stores across 190+ semi-urban and rural towns
The FMCG business has an extensive presence through 350,000+ Outlets
One of the largest exclusive retail

networks with 1,392 stores across India,
in about 600 cities and towns
Enduring partnerships
Strong and long-term relationship with suppliers, outsourcing partners and
Raymond is distribution channel
One of the world’s largest vertically and Renowned for manufacturing Super Manufacturer of finest 340s count • Continuous engagement with our suppliers help in sourcing raw material at
horizontally integrated manufacturers 250s – the finest fabric in the world cotton and 150 lea pure linen fabrics cost-effective prices
of worsted suiting fabric
• Our outsourcing partners help in keeping our overall cost down, give flexibility in our
production schedule and reduce the capital requirement in business
• A large number of trade partners have multi-channel relationship with us through

The Company has
different formats
+110 mn +12mn 104mn +11mn

metres p.a. pieces p.a. of manufacturing pieces p.a. pieces p.a. manufacturing
of fabric capacity in suiting, capacity for jackets, manufacturing capacity of ring
shirting and denim* trousers, vests, capacity of gears, flexplates and
shirts and denim files and drills water pump bearings
Association with many channel partners
that run across generations, in some cases
over 50 years
* Denim manufacturing is in a JV company

Lifestyle CEO’s Overview has set a new global benchmark of
fastest scale-up from commissioning to
is amongst the fastest retail rollout
achieved by any company, not just in
growth thinking and operating framework
within the organisation.
peak capacity commercial production. India but possibly anywhere in the world.
Building Capabilities
SOCIALLY INCLUSIVE GROWTH
This new facility is consistently producing The apparel and fabric retail businesses
MODEL
the highest quality of linen yarn and fabric at Raymond have over 20,000 unique
Raymond introduced a slew of initiatives
along with servicing not just the domestic points of reach through diverse
to create sustainable social ecosystems
for Tomorrow – Today!

demand, but many global customers. formats countrywide.
throughout the country by backward
The other Greenfield factory Continuous innovation in products and integration of tailors and weavers
commissioned in June 2017 in Ethiopia retail formats has been at the forefront across the country.
for manufacturing of menswear suits, of our very being and now is fast
With the rollout of a massive outreach
jackets and trousers for USA and becoming a way of life at Raymond.
Dear Shareholders, already transforming our value chain program to menswear tailors over the last
European markets is in the process There has been a significant momentum
by enhancing serviceability metrics, 2 years, we have already up-skilled and
Stepping up our commitment of stabilisation. With phased capacity on pioneering innovations last year
strengthening the dealer network and certified over 20,000 tailors. In addition,
to the vision-backed strategy of augmentation and enhanced efficiencies, with launch of many new products like
reducing time-to-market. Raymond has launched 51 franchisee
Raymond Reimagined pivoted on the we will be servicing orders for over 1 TechnoFresh fabric and Raymond Blacks;
based tailoring hubs across 16 states
core of customer-centricity, FY 2018-19 Our fabric business has pioneered a B2B million garments to our global customers new product segments like light weight
in India thereby creating an annual
has been about accelerating the tool ‘Midas’ to streamline the process from this facility over the next jackets, auto fit shirts and combo packs;
conversion capacity of about 2 million
transformational change it set in of placing orders and connecting the financial year. new business segments like Linen,
meters of fabric. Not only has it instilled
motion over the past few years. entire retail network across the urban Ethnics and Khadi; new retail models
In addition to architecting our new tremendous pride and dignity of work
We are confronted with an increasingly and rural expanse of our country through like mini Raymond stores, Ceremonial
factories with future-ready automation amongst tailors, it has also helped them
dynamic and volatile market catalysed an easy to use mobile app. Making the and Atelier; new platforms like tailoring
and digital capabilities, we have also in significantly increasing their incomes
by intersection of multiple digital process more transparent and reliable, hubs and made-to-measure for casual
initiated an overhaul of our existing by seamless integration with Raymond’s
technologies and newer global fashion it is also helping the business to collect wear; new product functionalities like
manufacturing facilities with the tailoring ecosystem.
trends leading to a defining impact in customer data in real time and driving anti-crease and stretchable fabrics; new
infusion of relevant cutting-edge
shaping today’s consumer behaviour. the organisation towards a smarter and technologies like 3D printed accessories For development of Khadi in collaboration
technologies to increase productivity and
This paradigm of an ever evolving data-driven decision-making in future. and ‘do-it-yourself’ clothing line and so with KVIC, Raymond has been actively
overall efficiencies.
new consumer gives us a great on and so forth. working with more than 75 clusters
Another strategic initiative ‘Athaang’
opportunity for exponential growth over WIDEST REACH, PRODUCT across 16 states in India. In the process,
was launched by the Branded Apparel NEXT-GEN LEADERSHIP
the coming years. INNOVATION AND NEWER we have generated 3 million man-hours
business towards building a radically We believe that the greatest danger
BUSINESSES of employment at 30% higher wages
Inspired by the fashion megatrends and more efficient supply chain and providing in times of turbulence is never the
India has a large share of the incremental for the weaving community. The first
an ever accelerating impact of digital an integrated customer experience turbulence itself, but our tendency
world GDP primarily driven by increase Khadi store by Raymond was opened at
technologies in shaping consumer across our channels. The early results to act upon it with yesterday’s logic.
in consumption, both in urban and rural Kala Ghoda, Mumbai in February 2019.
behaviour, we are incessantly creating of this ongoing transformation have Hence, we have stayed fiercely
markets. At Raymond, we have witnessed With world-class product quality and
relevant platforms and eco-systems to been very encouraging and we committed to build the right set of leaders
a relatively higher and sustained level steadily increasing sourcing capability,
strengthen Raymond’s position in the continue to invest in cutting-edge to shape our tomorrow.
of growth coming from lower tier towns we are committed to make Khadi a global
domestic and global markets. The new technologies and building relevant
and rural markets over the last 2 years. We launched Raymond Leadership currency of fashion from India.
Raymond is increasingly getting well employee competencies.
We firmly believe that India’s consumption Academy with an objective to impart
positioned to capitalise on these Stable and consistent high growth
We have now triggered organisation story will play out even more strongly focussed and purposeful training inputs
emerging opportunities by building newer supplemented with an early mover
wide transition of our ERP backbone over the coming decade across to Top 10% of high potential and high
organisational capabilities across the advantage of building new-age platforms,
to the future-ready SAP S4 HANA and consumer segments, thereby retaining performing talent. Subsumed in this
entire value chain of ‘Fibre to Fashion’. position Raymond to reliably leverage
creation of next generation Phygital and the key thrust to propel our national GDP. platform is the fast-track leadership
its product prowess, intensive retail
Inspired by the fashion FUTURE-READY SUPPLY CHAIN Omni channel capability linkages in the acceleration program for young emerging
To capitalise on this growing opportunity, reach and a strong consumer connect.
megatrends and an ever AND LAUNCH OF NEW ERP front-end retail. This will be the core business and functional leaders in
we accelerated our asset-light Sustaining high impact innovations,
Technology-led innovations are foundational capability on which we will collaboration with Cambridge University.
accelerating impact of digital retail expansion strategy through many technology firsts and setting new
enabling Raymond to achieve wider build the vision of Raymond Reimagined I have personally been mentoring the
technologies in shaping customer reach while setting the stage through the next decade of our evolution.
franchisee-based rollout of exclusive
30 of the brightest under-40 years of
benchmarks for operational excellence,
consumer behaviour, we are brand stores across the country, we are consolidating our competitive
for adoption of futuristic technologies age, talent in Lifestyle Business for
FACTORIES FOR INDUSTRY 4.0 especially in smaller towns and rural advantage and are confident of
incessantly creating relevant such as Artificial Intelligence, Machine over 2 years now.
Raymond’s state-of-the-art linen markets. Over the last 2 years, we added exponential value creation for the future.
platforms and eco-systems Learning and Advanced Data Analytics.
manufacturing unit in Amravati 300 new mini Raymond stores, thereby For the Top 25 business and functional
to strengthen Raymond’s Tech-based optimisation and digitisation
commenced operations in April 2018. extending our TRS reach to about 600 leaders, we partnered with Singularity
of the supply chain up to the last mile Sanjay Behl
position in the domestic and With nearly 100% capacity utilisation unique towns. The scale and pace of new University, USA to instil exponential
in our traditional textile businesses is CEO – Lifestyle Business
global markets. within a quarter of its launch, this unit store expansion over the last 18-months

Group CFO’s Overview generating profitable revenue
growth in future.
Continued focus on improving our
working capital management remains
company assets, aimed at enhancing
shareholder value.
a priority. We have undertaken
Eye on Synergistic
Our Garmenting business delivered Creating value in the non-core
supply chain initiatives & adopted
a strong top line growth of 13% with businesses, we continue to maintain
new technology platforms which are
stable EBITDA margin at 5.1% (LTL the profitable growth momentum in
expected to improve the operational
EBITDA Margin at 5.9%). The top line the Auto Components and Tools &
Profitable Growth
efficiencies. This will result into a
was driven by increased exports to Hardware businesses. The FMCG
better collaboration among channel
US and European markets. The margins business is expected to continue
partners, improved inventory
were impacted mainly due to lower the strong growth momentum along
management with stronger controls
capacity utilisations in our Ethiopia with maintaining market leadership
and will eventually provide clear
plant. Adequate measures have been position in Men’s deodorant category.
At Raymond, with our customer centricity approach, we visibility across all elements. This will
taken to streamline the initial operating The business is now driven by
support us in optimising the working
accelerated the pace of transforming the organisation by challenges in staff training and plant increased investments in brands and
capital thereby reducing debt and
enhancing our capabilities and building newer platforms that stabilisation processes. Ethiopia is
improving cash flows.
capacity building for introduction of
are tech enabled and will help the organisation to take a leap emerging as a new garmenting hub new products and to streamline the
for exports to US and Europe, with a Raymond has sustained its focus on processes and operations.
forward giving us the first mover advantage thus, reaffirming our
healthy order book, we are confident developing its core business with
commitment of creating enhanced value for all our stakeholders. it will help us improve the capacity continued category expansion in
In line with our stated guidance, we are
on course to generate higher cash flow,
utilisation and achieve cost efficiencies 4 Power brands, scaling up the new
increased RoCE and improved EBITDA
in short to mid-term. customer segments, widening retail
primarily due to subdued rural 140 bps from 9.1% in the previous year margins. With ever changing and
footprint and offering customised
demand towards the second half of to 10.5% in FY 2018-19. The High Value Cotton Shirting vulnerable business environment that
wardrobe solutions which remain the
the year coupled with liquidity issues. segment reported a strong 13% sales poses multiple challenges, ensuring
Strong domestic volume growth key growth drivers. In-line with our
While consumer sentiments were growth driven by increased linen financial prudence coupled with ethical
propelled 8% growth (9% on excluding franchise based asset light model,
moderated, the long term consumption fabric and yarn sales. The EBITDA governance framework will ensure that
GST impact) in sales in Branded Textile, we penetrated deeper into new towns
story remains intact. margin improved significantly to 13.7% we remain on the growth trajectory.
our flagship business. The growth was and expanded our network into about
(LTL EBITDA Margin at 14.5%) led by
At Raymond, with our customer driven by network expansion supported 600 towns. Within 24 months, we have
Amravati linen manufacturing facility
centricity approach, we accelerated the by growth in institutional and exports opened 300+ stores in mainly Tier III, Sanjay Bahl
achieving the full capacity utilisation.
pace of transforming the organisation category. Strong growth witnessed IV & V towns & cities. This has been a Group CFO
by enhancing our capabilities and in the TRS & MBO channels as well. For Tools & Hardware business, capital efficient model and we intend to
building newer platforms that are tech The EBITDA margin was impacted the overall turnaround strategy of open another 100 in the coming year.
enabled and will help the organisation mainly due to increase in wool building operational efficiency and
Financial prudence and operational
to take a leap forward giving us the and input costs. product rationalisation worked well,
excellence is now at the core of
first mover advantage thus, reaffirming resulting in top line growth of 10%
The Branded Apparel segment posted Raymond Reimagined. To counter
our commitment of creating enhanced (12% on excluding GST impact) and
strong profitable sales growth of 16% increase in raw material costs
value for all our stakeholders. EBITDA margin improving to 10.7%.
(17% on excluding GST impact) with especially wool cost, we have taken
BUILDING CAPABILITIES FOR strong performance across brands and The Auto Components business has price hikes in our product offerings
ENHANCED EFFICIENCIES new customer segments along with seen capacity enhancements during and we have also re-engineered
As Raymond evolves with changing strong sales growth in MBO channel the year to meet the incremental our manufacturing processes in
customer behaviour, the tech enabled supported by EBO and LFS channels. demand. The business maintained its order to factor in rising input cost.
systems and processes along with In-line with our stated strategy of strong profitable growth momentum This price correction will improve the
financial prudence will lead the way for driving profitability, the EBITDA margin of 19% (20% on excluding GST realisations next year resulting in better
Dear Shareholders, Raymond to emerge as a more efficient doubled to 3.7% (LTL EBITDA Margin impact) top-line growth along-with EBITDA margins.
organisation that will be ready for at 4.2%) from 1.6% mainly due to EBITDA margin improvement to 22.6%
The last financial year was filled with In-line with our stated strategy
tomorrow and will deliver sustainable, better channel mix, contribution from (LTL EBITDA Margin at 22.7%) in
external vulnerabilities arising out of of deleveraging through asset
profitable growth over the long term. new segments and overall operational the current year.
rising oil prices, trade wars between monetisation and unlocking value,
efficiencies. Our four power brands
major global trading partners and PROFITABLE GROWTH ENHANCING VALUE CREATION the Company forayed into the real
registered a revenue growth of 14%
US monetary tightening, but India Revenues for FY 2018-19 at an overall We continue to focus on the three estate development on 20 acres
during the year. This year also saw the
outshined as the world’s fastest consolidated level have grown by 11% strategic levers to deliver enhanced of land parcel. During the year, we
successful launch of our Ethnix and
growing large economy majorly from ` 6,025 Crores to ` 6,708 Crores. value: Capital Allocation, Sustainable launched a residential housing project
Ceremonial range and we see immense
led by a robust consumption story. The EBITDA margin expanded by Growth, and Cost Efficiencies. under ‘Raymond Realty’, a major
potential in these new segments
However, the GDP growth moderated step towards unlocking value from

Key Performance PROFIT AND LOSS ACCOUNT SUMMARY
Particulars (` Crores) FY15 FY16 FY17 FY18 FY19
Indicators Revenue
EBITDA
5,428
522
5,296
506
5,509
423
6,025
546
6,708
702
EBITDA % 9.6% 9.6% 7.7% 9.1% 10.5%
EBIT 360 347 266 376 506
FINANCIAL HIGHLIGHTS OF THE YEAR EBIT % 6.6% 6.6% 4.8% 6.2% 7.5%
PBT before exceptional 160 158 88 192 273
Revenue (` Crores) EBITDA (` Crores) EBIDTA Margin (%) Net Profit (` Crores)
PBT % 2.9% 3.0% 1.6% 3.2% 4.1%
6,708 702 10.5% 168 Net profit 113 85 26 135 168
6,025 6,708 546 702 9.1 10.5 135 168
Total assets (` Crores) ROCE* (%)
4,668 4,922 5,252 6,109 6,664 10.3 9.1 6.8 8.9 11.2
FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19
11% Growth 29% Growth 140+ bps 25% Growth

(12% excluding GST impact)
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
5-YEAR TREND OF REVENUE AND PROFITABILITY * ROCE is calculated as EBIT/Closing Capital Employed
Revenue (` Crores) Net Profit (` Crores) & EPS (`) Net Debt^ to EBITDA Net Debt^ to Equity
5,428 5,296 5,509 6,025 6,708 113 85 26 135 168 2.8 3.2 4.0 3.5 2.9 0.9 1.0 1.0 1.0 1.0
27.4
21.9
18.4
13.8
4.2
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
Net Profit EPS

Note: FY 16 onwards – The JV’s results are accounted for in the consolidated accounts under the equity method as per IND AS. ^ Net Debt is calculated as Gross Debt less Current Investments and Cash & Bank Balance
As a result, Denim business from FY 16 onwards is consolidated at Net Profit after tax level vis-à-vis proportionate consolidation in earlier years.

Key Performance
Indicators
Segment Sales (` Crores) & EBITDA Margins (%) SEGMENT-WISE SALES CONTRIBUTION+ GEOGRAPHICAL DISTRIBUTIONOF REVENUES
4%
Branded Textile Branded Apparel Garmenting 6%
2,545 2,702 2,714 2,915 3,153
17.5% 17.3% 14.1% 15.7% 13.8%
1,011
1.2%
1,119
2.0%
1,270 1,424 1,647
-1.0% 1.6% 3.7%
533
9.7%
593
8.3%
639 691 779
8.4% 5.2% 5.1% 46% 9%
India
EBITDA LTL (%) 14.7% EBITDA LTL (%) 4.2% EBITDA LTL (%) 5.9%
83%
11%
Rest of the world

24%
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
17%
Branded Textile Branded Apparel Garmenting
Sales EBITDA Margin (%) Sales EBITDA Margin (%) Sales EBITDA Margin (%)
High Value Cotton Shirting Tools & Hardware Auto Components
LTL EBITDA (%) LTL EBITDA (%) LTL EBITDA (%)
+ Gross of elimination
High Value Cotton Shirting* Tools & Hardware* Auto Components*

RETAIL STORES
393 467 500 575 648 421 394 350 365 401 234 176 164 218 259
12.0% 9.3% 9.8% 10.2% 13.7% 4.9% 4.7% 2.0% 9.0% 10.7% 2.9% 2.7% 14.5% 20.8% 22.6% 2.15 2.37
EBITDA LTL (%) 14.5% EBITDA LTL (%) 22.7% mn sq ft mn sq ft
58 Closures
1,219 1,444
67
31 335
299
210 6
6
68 68
21
852 283 Additions 1,041
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 March 2018 TRS MTM* EBO March 2019
Sales EBITDA Margin (%) Sales EBITDA Margin (%) Sales EBITDA Margin (%)
LTL EBITDA (%) LTL EBITDA (%)
* The results shown are for 100% operations and include minority interest. * MTM includes 46 converged stores as on March 2019 (41 as on March 2018)
** EBITDA LTL (%): Like to Like EBITDA margin excluding common cost allocation for comparable basis. Company entered into contracts with group
companies for allocation of common costs from Q1 FY19, resulting in allocation to its group companies / business segments. The impact on net profit of
the group is insignificant.

Risk Management Key Risk and Description
Regulatory risks
Mitigation
The Company is mitigating these risks through regular review of
Framework Exposure to risks attached

to various statutes, laws and
regulations including the
legal compliances carried out through internal, as well as external
compliance audits.
Raymond has implemented an enterprise-wide compliance

Competition Act management system, capable of effectively tracking and
managing regulatory and internal compliance requirements.
Human resource risk Raymond has initiated various measures, including rolling out strategic
Our risk management infrastructure talent management system, training and integration of learning and
Retaining the existing
Board of Directors development activities.
talent pool and
Risk management is embedded in the Company’s
attracting new talent The Company has established Raymond Leadership Academy, which
operating framework.
helps to identify, nurture and groom managerial talent within the
Raymond’s approach to addressing business risks is Audit Committee Raymond Group to prepare them for future leadership roles.
comprehensive and includes periodic review of such risks
The Company has instituted ‘Raymond Awards for Excellence’ to
and the framework for mitigating controls.
recognise exemplary performance and promote desired behaviour in
Business risks and mitigation plans are also reviewed as part Risk Management Committee the organisation.
of internal audit, which is entrusted to Messrs Mahajan &
Raymond has also implemented a fully automated performance
Aibara. The main focus of internal audit is to review business
management system.
risks, test and review controls, assess risks and business
processes, besides benchmarking controls with best Senior Management
practices in the industry. Strategic risk Raymond has well-defined processes and procedures for
obtaining approvals for investments in new businesses and
The Company has in place a well-defined and adequate Emerging businesses,
Business Unit Management and Internal Audit capacity expansions.
internal financial control structure. During the year capital expenditure
under review, such controls were tested and no material for capacity expansion
weaknesses were observed either in design or operations. and other purposes are
Risk Governance Architecture normal strategic risks
faced by the Company
Information Raymond uses standardised back-up tools, services and

technology risk procedures to ensure that information and data are stored at two
Raymond’s principle risks and their mitigation methodology or more diverse locations.
Risks related to Information
Technology (IT) systems; For critical applications, security policies and procedures are
Key Risk and Description Mitigation data integrity, digital and updated on a pre-communicated periodic basis and users are
physical assets educated on adherence to these policies to eliminate data
leakages and ensure compliance.
The Company’s policy is to actively manage its foreign exchange
Financial risks
risk within the framework laid down by the Company’s forex policy
Risks of fluctuations in approved by the Board. Industrial safety, Raymond has developed and implemented critical
interest rates, foreign employee health safety standards across its plants and establishing
Raymond actively manages the interest rate risk by adopting suitable
exchange rates and others and safety risk processes for safety and training, based on employee
strategies to minimise the impact of interest rate fluctuations, including
requirements at each level.
maintaining an optimal balance of different loan types and maturities. The Company’s
manufacturing businesses The Company has been continuously focussing on
Commodity price risk The Company proactively manages price fluctuation risks; and in case are labour-intensive and building a safety culture across its plants, applicable to its
of wool and cotton, it uses forward booking, inventory management and its people are exposed to entire workforce.
Risks of price fluctuations
pre-emptive vendor development practices. health and injury risks due
of raw materials Adequate insurance coverage for employees.
to machinery breakdown,
human negligence and
other such reasons

Board of Directors
Mr. Gautam Hari Singhania Mrs. Nawaz Gautam Singhania Mr. Boman Irani Mr. Akshay Chudasama
Chairman and Managing Director Non-Executive Director Independent Director Independent Director
• Appointed as the Whole-time Director on the • Established a reputation for being an • Amassed over 20 years of experience in the • Involved in law practice since 1994
Board of Raymond Limited in 1990 astute and creative entrepreneur realty industry as a first-generation real estate
• Was a partner at AZB & Partners and J. Sagar Associates
developer and entrepreneur
• Elevated to the position of Chairman & • Carved a niche for herself on the
• Developed an in-depth expertise in cross-border
Managing Director in 2000 back of her aggressive zeal in the • Currently serves as Chairman & Managing
M&A and private equity deals across sectors
realm of creative design Director, Rustomjee Group
• Steered Raymond Group to emerge as an
• Serves as a Managing Partner at Shardul Amarchand
internationally reputed fabrics-to-fashion player
Mangaldas and heads the firm’s practice in Mumbai region
Mr. I D Agarwal Mr. Pradeep Guha Mr. Shiv Surinder Kumar Mr. S K Gupta
Independent Director Independent Director Independent Director Non-Executive Director
• Amassed 40 years of experience in banking, • Associated with the print media for over three decades • Amassed over 30 years of experience in asset • A textile industry veteran with four decades of experience,
finance and foreign currency markets management, merchant banking, capital markets having headed Raymond textile, retail and denim
• Served as President, as well as a Board member at
and wealth management divisions earlier
• Served as Executive Director, Reserve Bank of The Times of India Group
India (RBI) and Advisor, United Nations • Founded Bridge Capital
• Worked as the CEO at India’s largest satellite broadcasting
• Occupied directorships at Small Industries network, Zee Entertainment Limited for over three years
Development Bank of India (SIDBI), United Bank
• Currently Managing Director, 9X Media Private Limited
of India (UBI) and Unit Trust of India (UTI)

Senior Management Team
Mr. Sanjay Behl Mr. Sanjay Bahl Mr. Vipin Agarwal Mr. Gaurav Mahajan Mr. Ashish Grover Mr. Ganesh Kumar Mr. Balasubramanian V
CEO – Lifestyle Business Group CFO President – Corporate President – Group VP – International CEO – Tools & Hardware CEO – Auto Components
Apparel Business and Garmenting
25+ years of experience in sales, 26+ years of experience with 33+ years of experience in
brand, marketing and business wide-ranging expertise in Senior General Management, 25 years of experience 22 years of 26 years of 36+ years of diverse
leadership assignments in India, financial management in FMCG, leadership and leading in organised retail, experience in business experience in business experience in the
Asia-Pacific and global levels construction products and retail transformation and change fashion and lifestyle management, product transformation, Automotive Industry
initiatives with focus on strategy, development, strategic strategic planning, in domestic, German
growth and profitability planning, leadership operations and and American MNCs
and commercial roles customer management
Mr. S L Pokharna Mr. K A Narayan Mr. Sudhanshu Pokhriyal Mr. Arvind Mathur Mr. Giriraj Bagri Mr. K Mukund Raj
President – Commercial President – Human Resources President – Textiles CEO – Denim CEO – FMCG CEO – Real Estate
38+ years of experience in 37+ years of experience in 21+ years of experience 31 years of experience 21+ years of 30+ years of experience
finance, sales, marketing and large Indian global corporates, in sales, marketing and in marketing, strategy, experience across in real estate and
commercial functions heading HR functions general management M&A and business marketing, sales and projects business
leadership in Asian general management
and global markets

Passion Stories
Building a Tech
Enabled Future
Ready Supply Chain Midas Project Athaang
Supply chains the world over are growing in complexity driven by rising consumer expectations for shorter lead times,
A pioneering step in the Indian textiles market taken by A unique business strategy of Raymond Apparel Limited
diversified range of products and services and uniquely customised experiences. The result is a greater need for
Raymond. Midas is a B2B tool to ease pressure on the supply (RAL), Athaang comprises four aspects actioning a thorough
collaboration among channel partners, better inventory management with stronger built-in controls along with greater visibility
chain by connecting the entire dealer network, making the transformation of the entire sales process.
across all elements.
order intake process quicker, more transparent, and efficient.
Integrated merchandise management – Using consumer
Efficiencies increase when companies empower distribution partners to reduce time lags and optimise their resources through
It provides a complete catalogue view of product availability insights to inform product development, Raymond is ensuring
processes as well as technology-based innovations, particularly digitisation. Raymond is at the forefront of these efforts to
in real time; it allows the dealers to place an order for even the right merchandise for each well-defined brand. A clear
strengthen and optimise its supply chain, to facilitate a seamless distribution process as well as to lower operational costs,
a single SKU and for the smallest available unit length of business process calendar has created the right degree of
thus reducing its time-to-market.
fabric, making the concept of a minimum order quantity visibility and actionability around inventory management.
With a clear focus on creating a future ready backend through digitisation, Raymond has undertaken two projects for its textile a history. It also keeps dealers informed and engaged
Integrated consumer engagement (ICE) – Listening to the
and apparel businesses. using notifications regarding campaigns, activities, and
consumer to ensure customer delight across the board,
events. Thus, the end consumer’s access to the products is
every single customer touch point represents an opportunity
significantly enhanced.
to create customer delight. Raymond is actively tracking
also by regional preferences. The deliveries of these SKU’s
Project Leap are segregated and staggered across a period of six months,
On the business backend, the app is helping to collect large the consumer, be it at the physical store or through social
tracts of customer data used to understand the market learning tools, towards holistic engagement for style advisory
ensuring that the product reaches the market during
Supply Chain Transformation – To Ensure Better scenario in real time. Retailers can now easily ensure and post sales management.
the season.
Inventory Management minimum inventory in their stores while the business can rely
Enabling technology for business – Large-scale
To manage a huge number of SKU’s and to bring in Go-to-Market (GTM) – To Facilitate Rapid Market on intelligent decision-making.
technological overhaul of systems and processes is being
the efficiencies, the textile business segmented its Expansion for Better Returns at Scale
This initiative has been well accepted and within four months initiated by integrating the business supply chain and value
products into Made-To-Available (MTA) and By helping wholesalers to predict MTA SKUs more
of launch received orders from over 3,000 dealers. chain. A data-driven transformation includes the adoption of
Made-to-Order (MTO) categories. accurately, Raymond is facilitating quicker stock turns. This
IBM SAP S4 HANA and change of the technology for POS.
in turn is helping in freeing up working capital required by
MTA are the 1,050 SKUs that are Never Out Of Stock (NOOS); These interventions will help ramp up business intelligence
wholesalers, leading to more efficient servicing and improved Raymond is at the forefront of supply chain
contribute to nearly 50% of the business volume. Based and decision-making while making the company future-ready
distribution network, which Raymond is confident of
on daily sales monitoring, these are auto-replenished and transformation through digitisation, thus by creating a strong ground for AI adoption.
expanding significantly from existing ~20,000 point of sales.
prioritised for dispatch to the dealers within 48 hours, hence
setting technological benchmarks for the People – Raymond is helping employees imbibe a solutions-
reducing the lead time significantly. To ensure success, the Company has partnered with
based approach while sensitising and training them to listen
reputed consultants in the space of operations and supply industry as a whole.
MTO are those SKUs for which the demand rises and drops to the consumer. With a focus on talent sufficiency and
chain capabilities.
seasonally (Spring Summer and Autumn Winter), dictated grooming, it is helping to enrich their capabilities for greater
relevance in a futuristic work scenario.

Revitalising Khadi by Raymond
Once upon a time, this humble fabric sparked a movement that united
a Priceless
our nation, empowering and enabling it to assert itself over a mighty
ruler. Today, it looks set to start another movement. Raymond is reviving
this fabric of substance to cater to a new generation of consumers
who are conscious about the cultural identity and can relate to
nation’s values..
Tradition
The offering falls under ‘The Story Re-Spun’ by Raymond, an initiative
the Company has taken to help rejuvenate traditional craft by creating
products that appeal to the consumers of today. This is part of
Raymond’s larger plan to support the revival of the handloom sector
with focussed development of weaver service centres. To that effect,
the Company has signed a MoU with the Ministry of Textiles.
Khadi is a cherished outcome of the collaboration that Raymond began

with the Khadi and Village Industries Commission (KVIC) through a
public private partnership in December, 2016. Aimed at positioning
Epitomising sartorial elegance for the Khadi as a fashion fabric, the initiative has made tremendous progress
in developing the right product mix and range, setting up a strong
Indian man for nearly a century, Raymond ecosystem for future growth. Raymond is also working with the
continues to lead with product innovations United Nations Development Program (UNDP) in one of the handloom
clusters as a pilot to reiterate its prowess in fabric manufacturing.
that have sparked trends cutting across the
In the year 2018, Khadi by Raymond was launched country-wide
eras of style and fashion. in more than 300 company stores, a move accompanied by a
high-decibel marketing campaign. Today, Raymond takes pride in its first
The brand occupies a special place in the exclusive outlet of Khadi at Kalaghoda in Mumbai.
heart of the consumer and it is further The endeavour celebrates the craftsmanship and design excellence of
the Indian weavers upholding this tradition and has already generated
enriched by a strategy launched in 2016, 3 million man-hours of employment at 30% higher wages for the
‘Raymond Reimagined’, continues to weaving community in FY 2018-19. Currently, Raymond is working
in more than 75 clusters across 16 states. This initiative creates a
spotlight the evolving market dynamics 360-degree value chain starting from design interventions at the
in response to changes in consumer cluster level going up to selling the finished products through market
linkages, offering the discerning customers a wide range and options
preferences. to choose from.
Khadi fabric is procured from across the country and sent to the
Seizing this opportunity to enable the manufacturing plants for finishing. The finished product is used for
changing cultural dynamics and offering a crafting garments for the apparel brand as well as made available for
over-the-counter sales.
full wardrobe solution, FY 2018-19 saw the
It is Raymond’s tribute to the fabric of the nation.
launch of ‘The Story Re-spun’ by Raymond,
which includes Khadi and the launch of Positioning Khadi as the authentic fabric of the
Raymond Ceremonial Collection catering to nation, infused with modern appeal and sensibilities,
the Indian man who is increasingly drawn to Raymond is revitalising a tradition and creating
dressing to the occasion. platforms for inclusive growth to a large community
of Indian weavers.

Ceremonial Collection
Raymond Ceremonial Collection marks a foray into the space of exclusive

ceremonial wear for men, in what used to be the sole preserve of private boutique
designers and tailors. The move is Raymond’s effort to leverage its established
technical and design excellence to appeal to a newly evolving consumer segment.
Acknowledging the fact that men’s wardrobes for special occasions now move
seamlessly between the ethnic and the western, in February, 2019, the Company
launched its flagship store at Kemps Corner in Mumbai. With an equal focus on
traditional and fusion wear, the store combines the traditional with the modern.
The ethnic range includes kurtas, sherwanis, bandhgalas while fusion wear
includes tuxedos, jackets, blazers, and more. The motifs are elaborate, celebratory,
festive, and luxurious.
It is a concept store that offers ‘made-to-measure’ services to help create

a customised look, complete with a range of 3D printed custom accessories,
exclusive fabrics, and unique embellishments.
Raymond is redefining the way the Indian man

approaches ceremonial wear for special occasions.

Gearing up Innovation
The Company is innovating with a clear view to revive interest, by aligning product features with
consumer preferences that are changing rapidly in tune with global trends. With changes in product
to Groom
mix and features, even breaking new grounds in established categories powered by relaunches,
the business is confident in its choices.
The business enhanced the Park Avenue deodorants with its new ‘Good Morning’ range and also
entered into the luxury perfumes segment. The Company is approaching the need for innovation
holistically by going beyond product features, applying design thinking to packaging. The business
Tomorrow!
launched disruptive trial packs in its beer shampoo range, accompanied by attractive packaging.
In the sexual wellness category, the Company expanded its premium product range with several
first-to-market additions such as mango-flavoured condoms as well as the highest number of
dots on condoms.
From a significant turnaround to achieving stupendous

Integration
growth during a challenging economy and market conditions
reveal the underlying passion behind the success of The business has demonstrated great agility and flexibility
of approach demonstrated by the integration of value chains
Raymond’s FMCG business. for fragrances under KS and Park Avenue, necessitated to
ensure that supply continues uninhibited. This integration
FMCG is a highly exciting space witnessing growth and was achieved while addressing overlaps. This has
transformation powered by growing demand and an empowered the Company with immeasurable heft in its
increased essential for grooming and wellness in the overall negotiations with vendors, helping to ensure a smooth
consumer consciousness. supply chain while ensuring consistency in product quality.
FY 2018-19 is veritably the year of acceleration for the Stronger relationships throughout the value chain are proving
business, making Raymond brands among the fastest key to growing stakeholder value over the long term.
Data-driven transformation
growing FMCG brands in the country. This outlook is buoyed
by the unshackling growth in brand KamaSutra since its
The FMCG group has completely changed the technological
acquisition from JV partner, Ansell. Raymond expects
landscape for the organisation by introducing latest SAP
high growth in the overall personal category, due to
S4 HANA technology to set apace a thorough digital
changing demographics.
transformation.
Going forward, the focus will be on sustaining the
Raymond is adopting automation from the back end to
growth momentum and continued capability building
the front end, which is the last mile of distribution. App &
through quality hiring, acceleration through digitisation,
cloud-based technology of Salesforce automation and
research & development, and future-readiness in terms of
Distributor Management System have simplified the
customer experiences. The Company is creating innovation
process of placing orders by field force and improved
hubs with a view to create a futuristic organisation and has
customer serviceability on an almost real-time basis. At the
taken steps to reconstitute its leadership teams to deliver on
backend, data captured from the warehouse as well as the
transformative change.
end-consumer is stored on the cloud, creating futuristic
The business achieved market leadership of the overall capabilities for a data analytics platform.
fragrance category, with both KS and Park Avenue
Digital transformation and analytics will help Raymond's
doing exceptionally well, particularly in men’s fragrance
FMCG business to optimally service sales. The Company’s
segment. In the sexual wellness category, the business has
unique go-to-market business models use technology to
reignited growth with several innovative enhancements to
ease the pressure off the sales function in terms of their
product features.
physical capabilities.

Hemming
drop at the doorstep that is a unique mark of Raymond’s now enable micro-segmentation to customise offers relevant
commitment to delivery and quality. and personalised to very small set of customers. With all
these capabilities, we are not only able to drive higher
After its pilot in Mumbai and Pune, the services are
engagement but also able to increase the share of wallet for
now available in Ahmedabad, Bengaluru, New Delhi
our products and services.
and Vadodara, with plans to expand across 50 cities
the Customer
in India by 2020. Mapping the tailoring community
Raymond in its continued efforts to re-kindle tailoring
Hyper-customisation with 3D printing
as a profession has introduced a couple of apps for the
Raymond has yet again taken the first mover advantage
tailoring community to make them tech-savvy and help
in the Indian apparel industry by introducing an entire
them deliver better products with reduced timelines.
line of customisable men’s accessories. It makes for
Embracing the technology is also helping the community
Experiences -
a hyper-customised experience through the use of
in e-learning and being updated on the latest trends that a
3D printing for creating highly precise and innovative
consumer would want.
designs. This pioneering step has a great benefit of zero
inventory costs for the company as the accessories are to be MAPP
3D printed as per orders received, taking a relatively short The process of tailoring a garment has a number of steps
time to manufacture. that involves human intervention. One critical element in
Digitally
the process of crafting a garment is the body measurement
These offerings are currently available under five categories
of a customer. The number of measurements and the
such as cufflinks, lapel pin, tie pin, pocket pin, and button
recording of the same is not standardized and hence a
sleeve. Customers can select from a digital design library of
concern area for errors to seep in. To overcome the same,
300+ models, four colour options – gold, rose gold, silver
Raymond has launched a tailoring measurement app –
and black, and monograms. These are intricate designs with
MAPP to be used by front end tailor masters. It helps provide
world-class finishing, completely customised for the fashion
the following benefits:
forward consumer.
The comprehensive transformation set Click for perfection
• Standardised measurements (definite data points for
The rapid penetration of internet technologies has resulted Create your ensemble
apace by Raymond Reimagined three years recording measurements)
in widespread adoption of digital tech by the new-age India is leading globally in terms of the millennial population,
ago, is underlined by a key component: consumer, driven by a desire for quality and convenience. a consumer group that is driving the global consumption • Storage of measurements for repeat orders
Raymond launched an online platform raymondtailoring.com story and trends. Millennials’ preferences are dictated by the
digitisation of the entire value chain. • Minimise errors as data is digitally captured
in January, 2018, to provide customised end-to-end need for diversity, variety, and personalisation. Park Avenue
and transmitted
tailoring services. decided to get a deeper insight into their tastes by launching
Digital immersion is becoming key to enhancing the customer
in FY 2018-19, DIY (Do-It-Yourself) windows, a digital • Paperless and timely transmission
experience in today’s developing markets, even as the This is an innovative delivery model styled on concierge
platform, across select stores in key markets.
apparel business remains pure play experiential at its core. services, a premium experience in and by itself, offering the • Quality delivery with minimum errors
best customisation and personalisation at the convenience of It has a friendly user interface and allows the customer to
The rapid pace of digitisation is driving new consumer trends Bobbin Mart
the customer doorstep. The customer can use this platform create virtual looks with options for customising everything
and behaviours. These trend are now rapidly changing the Like spices to a cuisine are trims to a tailored garment.
to book an appointment with a personal style advisor, from the type of fabric to the cut and style, collar and cuff
needs of how businesses deliver customer experience and Trims are the silent ingredients of a well-tailored garment.
who pays a visit at a scheduled day and time, to help with the to the minutest detailing such as the colour of the thread,
stay relevant. Hyper customisation and mass personalisation However, the present market and process of procuring
choice of the overall look, cut, colour, style and accessories totalling to about 8 trillion permutations and combinations.
are now becoming a table stake in most consumer business. trims is not structured and relies on unorganised markets
of the outfit. The finished ensemble is delivered at the
The lifestyle category is evolving from product oriented Rewarded with loyalty for sustenance. In order to help build a transparent
customer’s doorstep.
customer experience to service oriented customer lifecycle Raymond’s integrated loyalty programme, Raymond and effective process for the tailors in the ecosystem,
management. Thus, at Raymond, we are highly focussed on Each customer can achieve a personal style with intense Rewards, caters to a member base of 6.3 million. It grew by Raymond is facilitating listing and trading of trims through
our journey to offer personalised and customised services attention to detail and customisation. These services include a significant 19% in FY 2018-19. It allows customers to earn an online market place portal exclusively for tailoring trims.
to the customers with our capability at the backend. While lifetime free alteration services, along with pick-up and points on purchase, which can be redeemed across multiple Bobbin Mart is an independently developed third party trims
the customer still likes to touch and feel the garment, digital brands and formats. portal that is accessible online as well as through mobile app.
experiences around this serve to improve the experience Launched in February 2019, it is expected to deliver the
Apart from these, consumer engagement efforts across
immeasurably, making tech interventions inevitable. Raymond following benefits:
digital channels and platforms by individual stores have
is creating platforms that encompass wide-ranging digital
made a huge difference to off take, with highly engaged • Listing of quality trims from quality vendors
infrastructure to deliver such experiences that serve the
stores witnessing high sales growth as compared to stores
evolving customer needs. The platform uses AI and machine • Market derived pricing
that were low on engaging the consumer. The advanced
learning to collect relevant real-time data from customer
analytics capabilities enable to service the loyal customers • Ease of procurement
interactions and engagements across at various retail and
basis their requirements and needs derived through deep
digital touchpoints. • Innovative and new product launches
learning algorithm that learns from the various touchpoint
experiences. The communication and campaign platforms

The Complete
Uniform
FRONT END UNIFORMS Designed by
A LL R I G HT S R E S ERVED
MEN-WOMEN
Textured Dobby Shirt
Brand Raymond has for decades, not to manufacturing the desired type and quality of fabric,
and to stitching and styling for both men and women.
only defined the distinguished look of
In close consultation with clients, the business works
professional excellence for the Indian male, to understand the essence of the institution’s brand,
but also created a name to reckon with in organisational values and its cultural ethos. Raymond Royal Blue Jacket with
red detailing and Crimson
pocket square.
develops elaborate concepts and mood boards for
the space of institutional wear by offering institutional uniforms based on individual brands and then
end to end uniform solutions across various identifies the design and the look for their personnel,
a unique conceptual proposition that brings value based
industries and Indian Armed Forces. offering to its customers.
Dark Wash Denim
The business is also the foremost name in providing
Design excellence is threaded into the brand’s products and
technical textiles, which includes manufacture of specialty
services as the Company enjoys the position of being the
fabrics to match the purpose of a distinct profession, for
provider of choice for a variety of institutions looking
instance, fireproof or fire-resistant fabric for fire brigade
for end-to-end uniform solutions for their staff.
staff or cut-resistant fabric for staff working at steel
Institutional sales division of Raymond offers a diverse range plants. Raymond adopts a first-of-its-kind industry specific Styled with Tan Accesories
for Men and Crimson
Accessories for Women
from uniform advisory,encompassing design, cut, colour of approach to cater to the unique uniform requirements
fabric and accessories such as scarves and pocket squares, of industries spanning Airlines, IT, Hotels, Automobiles,
Infrastructure, Education,
Police department,
and many more.
Raymond caters to
The Company has taken its commitment a step further
the defence sector:
by setting up a custom tailoring hub in October 2018,
the Indian Air Force,
in collaboration with the Army Wives Welfare Association
the Indian Army, the
(AWWA), at the Delhi Cantonment. Set up to provide
Indian Navy, and the
best-in-class tailoring services to Army personnel at their
Indian Coast Guard.
convenience, this hub named ‘Suchika’ will also provide
Raymond has consistently
employment opportunities to ex-Army officials and members
maintained very high
of AWWA. Owned and operated by AWWA, Raymond is
level of compliance and
extremely proud to support it with technical expertise.
met expected quality
standards set by the With an unmatched capability of mass customisation of high
defence forces for quality products and backward integration with garmenting
their uniforms. and tailoring facilities, Raymond is well positioned to
service the entire spectrum of product & solution needs of
institutional customers.
SALES EXECUTIVES SALES MANAGERS

Business Review
Branded Textile Core strengths
Near 100% consumer awareness in India
Raymond’s core brand equity comprises ‘Trust’ and ‘Quality’
Expansive product portfolio
With over 20,000 SKUs, across price ranges spanning
and it remains among the most preferred brands across from ` 300 per metre to as high as ` 3,00,000 per metre,
textile and apparel category. Raymond caters to the entire spectrum of consumer needs.
Branded Textile is the flagship business of Raymond Group. It is a leading B2C branded player for
Unparalleled manufacturing capabilities Extensive reach
• One of the world’s largest vertically and horizontally Expansive distribution reach of 20,000 points-of-sale across
suiting and shirting in Indian market and commands the largest market share in domestic worsted
integrated manufacturers of worsted suiting fabrics 600+ cities and towns, reached through 180 wholesalers,
suiting fabric industry. It has also emerged as the largest over-the-counter (OTC) branded shirting
1,330+ multi brand outlets (MBOs) and exclusive Raymond
fabric player in the domestic organised market since its launch in 2015. • Globally-renowned for manufacturing Super 250s,
retail network of 989 The Raymond Shop (TRS) across
the finest fabric in the world
Tier I to VI towns.
• Manufacturing facilities located in Vapi (Gujarat),
Chhindwara (Madhya Pradesh) and Jalgaon (Maharashtra) Enduring trade relationships
The wide distribution reach is reinforced by Raymond’s
• Aggregated manufacturing capacity of 38 million metres of
strong channel partner network across India and associations
suiting fabric, extending across all wool, polywool, silk and
extending over 50 years.
other premium blends
Challenges Strategic outlook

Key challenges include modest growth in fabric business Raymond will continue with its momentum regarding product
given the increasing share of ready-made garments in and services innovation. Expansion of mini TRS network will
the wardrobe, especially in the evolving landscape with continue to propel channel expansion in semi-urban and rural
millennial consumers. Additionally, the increase in input areas. Scaling the institutional business, building operational
prices of raw wool is impacting margins. efficiency to optimize cost and adopting technological tools
to develop supply chain agility will remain key focus areas
Also, tailors willing to pursue the profession are dwindling
of the business.
due to lack of formal training and low social dignity
associated with the profession.
Segment Summary
Sales (` Crores) EBITDA (` Crores) EBITDA Margin (%)
Key highlights of the year
• The business continued to grow with focus on product • The Company continued with its asset light network
3,153 435 13.8% 14.7%
LTL EBITDA (%)
and service innovations. The domestic volume growth expansion of franchisee owned retail stores leading 2,915 3,153 458 435 15.7 13.8
was led by channel expansion mainly in MBO and TRS to 300 Mini TRS stores in 190+ towns. Also, Raymond
network along with better performance in exports in the continued expanding the tailoring eco-system by training
suiting business tailors and opening 100% franchise based state-of-the-art
Raymond Authorised Tailoring Hubs – 51 hubs as on FY18 FY19 FY18 FY19 FY18 FY19
• The Suiting Business margins were impacted by the
March 31, 2019 with annual conversion capacity of about 8% Growth
increase in wool prices that was partly mitigated by 9% Growth excluding GST impact
2 million meters of fabric
product re-engineering and price hikes
• Besides, the Company strengthened its position in Sales Volume Product Sales Mix Sales Channel Mix
• The B2C Shirting business was steered by the expanding
Institutional Business category by onboarding marquee (%) (%)
network in MBOs and Wholesalers, along with TRS Suiting (mn metres) Shirting (mn metres)
clients across various sectors by offering them complete
• In the Made to Measure (MTM) business, new categories
were launched including Casual wear and Lounge wear
uniform solutions and look options
63 23 20
2
27
• During the year, the business initiated a strategic plan 58 63 22 23 Suiting 34 Wholesale
in addition to leveraging the capabilities for innovations
termed Project Leap to improve efficiencies across its Shirting TRS
through 3D Printed Accessories
supply chain which includes the two-pronged strategy of MTM MBO
• Raymond also enhanced customer experience by supply chain transformation and market expansion Others
introducing services such as StyleMe (visualisation mirror) 15
FY18 FY19 FY18 FY19 78
24
and expanding the online tailoring services to six cities 9% Growth 3% Growth

Branded Apparel Core strengths
• All four power brands enjoy a high brand recall and
acceptance on account of enduring brand trust and
product quality
• Sharpened product portfolio offers unique styles across

wide price range catering to an entire spectrum of
Raymond Group is one of the leading branded apparel players in the menswear industry. Its diverse consumer preferences
portfolio encompasses four clearly differentiated and uniquely positioned power brands: Raymond
• Presence in over 500 cities and towns through wide
Ready to Wear (RRTW), Park Avenue (PA), Color Plus (CP) and Parx.
distribution network, including 335 Exclusive Brand Outlets
(EBOs), over 5,100 MBOs (through distributor networks),
over 1,280 LFS and the TRS network
• Growth momentum continued for the power brands led

by increased penetration and launch of new products &
adjacent segments including denim, polos and chinos
Challenges Strategic outlook
• Rapid expansion through Exclusive Brand Outlets
• Intense competition, especially from specialty retail brands • The business will continue its focus on enhancing its
(EBOs), Large Format Stores (LFS) chains and
and established international brands product portfolio and building scale of newly introduced
Multi Brand Outlets (MBOs)
categories, along with supply chain efficiencies
• Year-round discounting as a phenomenon, largely driven
• Gaining momentum in new categories: Cemented its to strengthen its core proposition as complete
by the growth in e-commerce, thereby moderating margins
position further in high growth premium ethnic wear wardrobe solution provider
segment through launch of Khadi and Ceremonial clothing • Growing number of fast-fashion players and fast-paced
• It will continue to selectively expand its retail footprint
line, along with increased penetration of Ethnix nature of fashion industry leading to product obsolescence
with high focus on MBO channel penetration, enhanced
• Extended the concept of personalised styles to in-house retail experience, and sustained investments in
accessories and footwear, thereby gradually moving technology to support omnichannel growth; and further
towards customer empowerment and rendering interesting strengthen engagement programmes across platforms
technology-based experience to build engagement
Segment Summary
−− Launched Park Avenue Design It Yourself (DIY) window
that provides customization of the brand’s varied Sales (` Crores) EBITDA (` Crores) EBITDA Margin (%)
offerings to create individualistic looks
• The business initiated a strategic plan - Project Athaang, to

1,647 61 3.7% 4.2%
LTL EBITDA (%)
enable building efficiencies across the value chain by using 1,424 1,647 23 61 1.6 3.7
technology for business as well as to understand consumer
needs better by engaging channel partners and employees
FY18 FY19 FY18 FY19 FY18 FY19

16% Growth
17% Growth excluding GST impact
Brand Sales Mix Sales Channel Mix

(%) (%)
6 11
16 Park Avenue 29 TRS
16
Raymond Ready to Wear EBO
40 Color Plus MBO
17 Parx LFS
New Offerings* 24 20 Others
21
* includes Ethnix and Next Look

Brand Personalities
Color Plus Parx
Mature yet The
vibrant with a tech-savvy
Offerings across penchant for and globally
comfort and connected
spectrum craftsmanship young
of consumer millennial with
LUXURY
an unorthodox
preferences sense of style
PREMIUM
ACCESSORIES
MASS GROOMING
SPORT
OCCASION
VALUE LEISURE
WORK
CLASSIC CONTEMPORARY EDGY
NEW CUSTOMER SEGMENTS
Raymond Park Avenue Ethnix Next Look

The The sharp, The indulgent Authentic
sophisticated, energetic, but elegant and value
discerning go-getter with head-turner at conscious
connoisseur a natural flair every occasion achiever with
who is and panache crisp sense of
effortlessly style
stylish and
immaculate

Retail
Raymond is among the pioneers of organised retail, with its first ‘The Raymond Shop’ established in
1958. Currently, the Company enjoys overall retail space of around 2.4 million square feet spanning
across 1,444 stores. At present, its retail network encompasses 989 The Raymond Shop (TRS),
311 Exclusive Brand Outlets (EBOs) of the four Power Brands—50 RRTW, 96 PA, 140 CP, 25 Parx;
68 Made to Measure (MTM) outlets (including 46 converge stores)—and stores under its new
formats—2 Ethnix stores, 20 Style Play stores, 1 Khadi store and 1 Ceremonial store—in about
600 Indian cities and towns. Additionally, Raymond has established a retail presence in Bahrain,
Bangladesh, Kuwait, Nepal, Oman, Pakistan, Saudi Arabia, Sri Lanka and the UAE through 52 overseas
stores in these countries.
The Company had total 989 domestic TRS stores, including The Raymond Store of Future offers customers complete
210 newly opened stores and 33 stores were renovated. wardrobe solutions. It is designed with the brand’s
aligned positioning in mind and provides innovative visual
Raymond owned total 403 EBOs, including MTMs and
merchandising. Since its launch, this retail format has
stores under new formats. It opened 73 new EBOs across all
introduced a positive brand imagery, attracting a new
brands in FY19.
profile of customers.
The Company recorded blended sales growth of 7% across
During FY19, the Company conducted 11,000+ Local Store
its retail formats.
Marketing (LSM) activities, driving consumer engagement and
During the year, Raymond opened multiple unique retail catchment activities through store launches, store campaigns
formats providing experiential retail experience and and category promos, among other activities.
addressing unique propositions:
Raymond further deepened its e-commerce footprint
• Exclusive Khadi Outlet: The store is designed as through raymondnext.com, an online one-stop fashion
contemporary Indian boutique experience, inspired by solution provider, which houses multiple brands of the
Core strengths Challenges
India’s glorious past and the legacy of Khadi fabric’s design Company. Its products are also available across all leading
• Raymond owns one of the largest exclusive retail networks • High rentals of retail property and availability
excellence and unique craftsmanship e-commerce platforms.
in the men’s lifestyle space in India of adequate space
• Ceremonial Store: The store offers a range of men’s Raymond also has an integrated loyalty programme,
• It has a unique asset-light model comprising over 80% • E-commerce players offering deep discounts
clothing options for special occasions, ranging from Raymond Rewards Programme, which brings together
stores on franchise model
ethnic wear to fusion formal wear. The offering is part of 1,385 stores managed by the Company. The rewards • International brands entering Indian market
the Company’s strategy to reach consumers as a complete programme also includes over 650 franchisee partners. • The Company has strong capability to design world-class
wardrobe solutions provider With a current member base of 6.3 million, the rewards stores around evolving customer shopping behaviour
• High end bespoke retail concept - Atelier: A first of its

programme has been a dominant revenue channel,
• The Raymond Shop offers textile, apparel, accessories and
Strategic outlook
contributing to 82% of the Company’s retail sales.
kind high-end luxury lounge for premium customers custom tailoring services under one roof
Continued strong focus on enhancing the customer
• The Company’s stores are emerging as a fashion experience through spectrum of offerings. The Company is
destination, translating it into a one-stop solution in men’s focussing on strengthening its retail presence by expanding
lifestyle space into semi-urban and rural areas through the Mini TRS format.
Additionally, it continues to delight customers by upgrading
• Raymond shares robust, trusted and enduring channel
customer experience through store digitisation and brand
relationships across generations
activations that drive engagement and increase Raymond’s
mind share among its key customer groups.

Garmenting
Raymond’s Garmenting unit is a white labelled integrated
supplier to leading international brands. It is a B2B business
with an extensive product range that comprises high-end
• The business unit has a unique capability to provide • Increasing demand for low-margin polyester-blended
suits, jackets, trousers and shirts.
a perfect blend of cutting-edge design, high-order garments
craftsmanship and impeccable quality at large scale
• Intense competition from the neighbouring Asian countries
Key highlights of the year • It is a comprehensive end-to-end integrated garment that offer lower cost garments
manufacturer with capability to provide ‘fibre to garment’
• The business also faces consistent currency fluctuations,
solutions to customers
which impacts its margins
• Overall, the business growth was led by exports in
• The only Indian manufacturer with the expertise to craft
the US; while addition of new marquee customers
full-canvas jackets
further consolidated its position as a preferred
solutions provider • It is a preferred garment supplier to top brands
Strategic outlook
and retailers in high-value markets such as the
• The business launched B2B Made To Measure Going forward, the Company is focussing on stabilizing
US, Europe and Japan
(MTM) services further augmenting its enduring its operations in Ethiopia. It expects to scale the Made to
client relationships Measure services and leverage the opportunity to increase
exports to the high-value markets in USA, Europe and Japan.
• During FY18, Raymond commissioned a
state-of-the-art garmenting plant in Ethiopia.
Currently, the facility has six trouser lines and
five jacket lines operational. The plant is in the
Capacity – Jackets, Trousers & Shirts (mn pieces) Volume Sold (mn pieces)
process of stabilisation
Domestic Capacity Ethiopia Capacity Total volume of Jackets,
Trousers and Shirts
7.4 2.4
5.7
5.1 5.7
FY18 FY19
Segment Summary
779 40 5.1% 5.9%

LTL EBITDA (%)
691 779 36 40 5.2 5.1

13% Growth
Exports Contribution
over 80%
High Value
Cotton Shirting
A B2B business, Raymond manufactures one of the finest shirting fabrics in India, that
incorporates innovative designs and imbibes latest fashion trends. The wide product portfolio
includes high value cotton and linen shirting and bottom weight fabrics for leading domestic
• The business enjoys flexible and versatile facility capable The business faces strong competition from low-price
and international brands.
of producing world’s finest 340s count cotton and 150 lea and low-quality fabrics offered by Chinese exporters.
pure linen fabrics
• It has a strong product development team supported by Strategic outlook

renowned Italian designers
The business continues to assess the processes
• The business unit is established in proximity to the weaving
for optimisation and product innovation. It is further
cluster, resulting in unique flexibility and cost advantage
developing sustainable competitive advantages that will
enable it to increase its customer base by providing better
products and services.
Capacity (mn metres) Volume Sold (mn metres)

Kolhapur Plant Amravati Plant
27 4.8 27
Linen and 27 27
Blended Fabrics &
1,400 tons of linen yarns
FY18 FY19
Segment Summary
648 89 13.7% 14.5%

LTL EBITDA (%)
575 648 59 89 10.2 13.7
• Overall, the sales growth was led by increasing demand from domestic customers and yarn FY18 FY19 FY18 FY19 FY18 FY19
sales from Amravati plant
13% Growth
• The Amravati facility achieved optimal capacity utilisation during the year

Tools & Hardware
Raymond’s Tools & Hardware (T&H) segment encompasses manufacturing of steel files and
cutting tools, along with marketing of hand and power tool accessories. The Raymond Group is
among the leading manufacturers of steel files globally, with a domestic market share of ~65%.
• Strong product portfolio conforming to international quality • The industry is facing increased competition from
The Company’s presence in diverse T&H products is marked by strong relationships with
standards, backed by superior service India’s unorganised market and Chinese imports.
domestic and international OEMs.
Moreover, rising raw material prices impact input costs
• Leading manufacturer of steel files in the world with
corresponding advantages of scale economies • Currency fluctuations across markets remain a challenge
Key highlights of the year • Dominant in India with high recall among
in the volatile global economy
technical professionals
• After a successful turnaround last fiscal, the T&H
business has witnessed significant growth in • Wide network of domestic distributors and agents with
topline and profitability, countering the steep rise significant cross-sale synergies
in steel prices
Strategic outlook
• Strong distribution network in Africa, Asia
• The business has worked upon a long-term strategy
• The business also introduced the process of and Latin America
targeting to achieve significant growth in topline,
Total Productive Maintenance (TPM), which helps
EBITDA and profitability by focussing on products,
in maintaining and improving the integration of
people and markets
production and quality systems through machines,
equipment, processes, and employees and thus • Moreover, the business will continue with its manufacturing
keeps a control on rejections consolidation initiative. It is also looking at flexible
manufacturing capacities to reduce changeover times and
• The T&H business is also utilising technology as a
quickly adapt to fluctuating market demands
key enabler. It has introduced initiatives to digitise
manufacturing records, capture the performance of
machines in real-time basis and strengthen planning
Capacity - Domestic (mn pieces)
and inventory management
Files Drills
• Additionally, it launched customer loyalty
programmes to create a strong relationship with
customers and enable smooth flow of new products
83 21
to retailers and end consumers, while launching
new products in the market Segment Summary
401 43 10.7%
365 401 33 43 9.0 10.7

10% Growth
12% Growth excluding GST impact
~ 45%

Auto Components Core strengths Strategic outlook
• Presence across industries with a strong focus on The business aims to increase its global footprint by
commercial and passenger vehicle segment, industrial exploring new customers in the international and domestic
and power generators and earth-moving equipments market. High-end design offerings to develop bespoke
products to customers is a strategy to maintain edge over
• Long-term relationships with global OEM
competitors. The business is planning to utilise technology
companies and suppliers
as a key enabler and invest in skill development of the
Raymond manufactures ring gears, flexplates and water pump bearings through Ring Plus Aqua
• Lean manufacturing and indigenous development of workforce, along with R&D capabilities to further improve
Ltd. The Company caters to diverse industries such as automotive, non-automotive, industrial
zero-defect products productivity and reduce turnaround time on products.
and power generators, agricultural, off-highway vehicles, earth-moving equipments and marine
applications. It shares enduring relationships with domestic and international OEMs and • On-time delivery of >95%, in line with the The business is focussed on maintaining the profitable
after-market customers across these industries. best-of-industry performance growth rate in the long term.
• Exports spread across USA, Canada, Europe and Asia
Challenges
Key industry challenges for this business include increasing
competition, continuous rise in commodity prices and
exchange rate volatility
Capacity (mn pieces)

Ring Gears Flexplates Water Pump Bearings
6.6* 0.6 4
*Additional capacity expansion of ~2 million
units is under final stage of completion
Volume Sold (mn pieces)

Ring Gears* Flexplates Water Pump Bearings
4.7 0.3 3.1

*2 mn capacity which got added in existing
facility was available from Q4FY19 onwards
Segment Summary

259 58 22.6% 22.7%
LTL EBITDA (%)
218 259 45 58 20.8 22.6
• The business has been maintaining its profitable • The new plant is ready for high digitisation and has
growth momentum driven by both domestic and an effective concept of single piece product-line.
international markets These measures are expected to drive efficiency and
reduce the throughput time FY18 FY19 FY18 FY19 FY18 FY19
• On the verge of completing an expansion plan for ring
19% Growth
gears with an investment of ~` 45 Crores. The business 20% Growth excluding GST impact
segment added 2 million pieces capacity in the existing
plant at Sinnar and an additional capacity of 2 million
pieces through a greenfield plant
~ 65 %
Denim* (JV) Business Through
Associates: FMCG
Raymond UCO Denim Private Limited manufactures denim fabrics and markets a wide range of denim fabrics & garments. The Raymond Group’s presence in the FMCG industry is
The fabric offerings include premium 100% cotton denim, stretch denim, denim with exotic blends, denim with special through associate companies - J.K. Helene Curtis Limited
finishes and performance denim. Fabric manufacturing facility is located in Yavatmal (Maharashtra). The garmenting (JKHC) and Raymond Consumer Care Private Limited (RCCPL)
products such as super premium jeans & other denim apparel are supplied to top global and Indian fashion brands. formerly known as J.K. Ansell Private Limited (JKAL).
The business segment offers pioneering brands such as Park
Avenue, Raymond and KS for the personal care market, along
Core strengths with KamaSutra in sexual wellness segment and Premium in
home care division.
• The business enjoys deep footprint in Americas,
Europe, Asia and India Both, JKHC and RCCPL are consistently expanding their
market presence and mind share in their categories.
• Its design capabilities and environmental consciousness
RCCPL has a world-class manufacturing facility for
set it apart from other players, holding a strong appeal for
KamaSutra, with an annual capacity of producing
international brands and other buyers
400 Million condoms, in Aurangabad, Maharashtra.
Challenges Core strengths

Key highlights of the year • The FMCG product basket comprises innovative brands,
• Surplus capacity in both domestic and global markets
which enjoy an international imagery
• The acquisition of ‘KamaSutra’ brand from JV partner
• Sharp increases in raw material prices including
was completed during the year. The Company undertook • The business enjoys a robust position in the deodorants
those of cotton and dyes & chemicals affecting the
various steps to integrate JKHC & RCCPL to build market on account of knowledge of fragrances and our
entire denim industry
a unified entity strong associations with quality fragrance houses
• Currency fluctuations and devaluation of
• It increased investment in its brands and streamlined • Formidable retail presence in India with over
currencies of competing countries, along with
processes to imbibe an innovation mindset within 350,000 outlets, including pharmacies
macro-economic headwinds
the organisation
• The business enjoys strong equity in large towns and
Strategic outlook • The business achieved market leadership in the overall up-market stores
Men’s Deodorant category. Introduced a basket of new
Key highlights of the year The business is focussing on further strengthening its
competitive advantages through differentiated product
products such as pocket deodorants, shaving solutions and Challenges
premium fragrances
• During the year under review, the business remained offerings and enhanced operational efficiencies. It’s gradually • The business performs in a volatile market environment
focussed on product innovation, developing new transforming into a ‘full package’ solutions provider with • In the sexual wellness segment, the business expanded with increasing competition
functionalities and finishes unique products for customers backed by continuous footprint and also launched several first-to-market products
• Slow penetration growth in many categories
investments in design & development and smart such as mango flavoured condoms
• The business further expanded its range of women denim
technological interventions. • Improving brand appeal for changing demographic and
product categories and sustainable offerings such as those • The business also invested in capacity building within the
psychographic patterns
made using organic cotton, post-consumer waste (PCW) organisation and launched several technology-enabled
and waterless technologies, among others Capacity (mn pieces) Revenue initiatives such as latest platform of SAP S4 HANA
system and a cloud-based Salesforce automation &
Strategic outlook
• Significant improvement in process and productivity, as a India India Operations (` Crores)
distribution management system that helps to improve the The Company continues to focus on strengthening the male
result of the Smart Factory concept executed under our
digitisation iniatives 43 876 business processes grooming portfolio and cementing a dominant position in
condoms and fragrances. Additionally, it will expand its
937 876
• In its endeavor to promote ‘green living’, the business presence in the luxury personal care and home care segment
initiated several energy conservation measures coupled with innovative products. The Company is focussing on
with concentrated efforts to prevent water and air pollution increasing global footprint of Kama Sutra & Park Avenue
brands in different markets.
FY18 FY19
* The JV results are accounted for in the consolidated accounts under the equity method 7% Decrease

Raymond Realty
Core strengths
Location
The Company owns about 120 acres of land at a prime location in Thane. The Company intends to monetise the land asset • Prime location in Thane with developed & further planned
through various options including development. civic and social infrastructure such as schools, hospitals,
office spaces, and upscale malls
In line with this value creation strategy, the Raymond Board approved development of 20 acres of land parcel for
residential purposes. • Unparalleled connectivity, proximity to Eastern Express
Highway and upcoming metro services
Master Plan, Product Design & Quality
• Inspired by the principle of 'Go Beyond', the Company

has undertaken the project to build quality housing.
The endeavour is to re-imagine living spaces with
contemporary design and benchmarks of quality
associated with the Raymond brand.
• Five Acres of central landscaped greens and future-ready

apartments integrated with “State of the Art’ amenities that
enhances quality of living
• All apartments with cross ventilation and high

design efficiency
• Eco-friendly & sustainability features such as rainwater

harvesting, waste recycling plant & other energy
conservation ideas
Artistic impression
Execution
• Strong management team in place with relevant

Challenges
Artistic impression
industry experience • Increasing competition from well established players
Key highlights of the year • Partnering with industry reputed architects, consultants • Increase in input prices & regulatory changes
and contractors may impact margins
• As per the current plan, the 'Aspirational' Housing is spread over 14 acres to build 10 high-rise towers with about 2,800
smart 2BHK residential homes and is expected to be developed over a span of 5-6 years
• During the year, the Company has received all major statutory approvals and the construction work has commenced
Strategic outlook
• The response from the customers has been encouraging with 211 units being sold till March 2019 • Land monetization is a critical aspect in unlocking value
at Raymond and the primary objective of real estate
development of 20 acres
• Various options being evaluated for unlocking value from

the remaining land

Our People Co-crafting Victory: Leadership
Differentiator
Enabling high performance
Raymond uses several rewards and recognition programmes
to drive performance at the organisation. The Company also
The organisation remained committed to creating an conducts employee surveys to assess employee sentiments.
exceptional and high-performance work environment Following Employee Engagement and Reward activities
with the learning intervention ‘Co-crafting Victory: were undertaken:
Leadership Differentiator’ for managers with high potential.
The workshop aimed to equip managers with people
development tools such creating an inclusive work
environment, coaching to unleash potential and handling
Raymond believes in the potential of people to go beyond With the overarching theme– Building an Exponential crucial conversations.
and be the game-changing force for business transformation Organisation, Raymond has focussed on building a
Raymond Awards for Excellence 2018
and success. This potential is harnessed by fostering an future-ready talent ecosystem that will embrace innovative
30 Under 40:
open and inclusive work culture that enables breakthrough competencies, enable sustainable growth and provide a Instituted in 2011, the Raymond Awards for Excellence
performance and comprehensive development of employees. head start into the future for the organisation. CEO Mentorship Programme recognises and rewards exemplary performance across
With a focus on nurturing a spirit of excellence and purpose the Group. The 2018 edition awards saw the Raymond
(Lifestyle Business)
led growth, the Company has been working with its people to Group’s commitment towards identifying individuals and
share inspiration, ideas and knowledge. With an objective to nurture and fast-track young high teams with exceptional contribution and unwavering passion
potential leaders within the lifestyle business, ‘30 Under 40 – for excellence.
CEO Mentorship Programme’ was launched. The programme
witnessed 30 mentees under the age of 40 years undergo
The Company launched the following key initiatives towards creation of an exponential organisation.
a 12 month engagement activity. The mentees went
through direct mentoring with the CEO – Lifestyle Business,
Leadership development at Raymond that offered them access constructive dialogue, thereby
facilitating discovery of many hidden facets of their own Reflect
Pivotal to the success of our transformation journey is leadership development. With an objective of imbibing a sharper potential as a leader.
Reflect is an employee engagement survey conducted every
focus on futuristic competencies and a more holistic view of leadership development, Raymond re-defined and rolled out its
year in partnership with engagement partner, Aon Hewitt,
three-pillar capability building model with impetus on: Leading Self, Leading Teams, and Leading Business.
to gauge the pulse of employees. Raymond recorded
The leadership development evolved to include transformational and comprehensive initiatives across all levels. an engagement score of 72% (nearing top quartile
zone). Employee engagement is recognised as critical to
organisation building and these findings helped Raymond’s
businesses to formulate and drive action plans to address
Raymond Shakti opportunities to improve people engagement across
different segments.
Raymond Shakti is an initiative that offers new paths
towards personal development and a fulfilling career.
Thought leadership with Building a culture of Emerging Leaders Program This intervention focusses on creating self-leadership
AWARDS
Singularity University Emotional Intelligence (EI) The journey of Emerging Leaders among women. The initiative is designed with a
Program evolved into a holistic learning 40-hour cutting-edge self-leadership series, spread over
Continuing its journey towards In a dynamic volatile, uncertain,
experience in partnership with University 10 sessions. Each session represents a form of ‘Shakti’
becoming an exponential organisation, complex and ambiguous (VUCA)
of Cambridge - Judge Business School. through multi-coloured lives and multi-faceted success
Raymond partnered with Singularity environment, emotional intelligence
As a part of the initiative, executives stories of women who have created an impact in the world,
University, the pioneer of Exponential and authenticity are proving to be
were exposed to world-class content despite personal and professional odds.
and Abundance mindset, to curate a key differentiators for the success of ‘Great Place to Work’ certification for Raymond Limited,
curated in Raymond context on Leading
learning experience for its top leaders. leadership. With a larger agenda of Raymond Apparel Limited, and Raymond Luxury
Self (Emotional Intelligence and
The workshop allowed a peek into building authentic leaders and creating Cottons Limited. Raymond Luxury Cottons Limited also
Mindfulness), Leading Teams and Leading
exponential technologies like Artificial an emotionally intelligent organisation, secured 43rd position in the list of companies with
Business over a period of nine months
Intelligence (AI), Augmented and Virtual a massive sensitisation exercise was mid-size workplaces.
in FY19. The development is aided with
Reality (AR, VR) as well as introduced rolled out to immerse the leadership EDUGO
highly coveted personal coaching and Raymond bagged awards for being a Company with
the model of 10x thinking – aiming for talent in the concept and practice
on-the-job stints to expand their horizons. EduGo is an online learning platform, that provides various ‘Great Managers’ at Great Manager Awards 2018.
an exponential change of 10x instead of self-awareness, self-regulation
The development journey emphasized courses on functional, behavioural and non-work areas every
of an incremental 10% change. and handling interpersonal ‘Best In L&D Technology & Analytics’ award at People
the pillars of education, exposure and month to build a culture of continuous learning and enable
relationships empathetically. Matters L&D Conference 2018.
experience as part of the Raymond employees to upgrade their skills.
Development Model.

Environmental Sustainability Going beyond
Initiatives Business
Raymond Group is committed to implement and continually improve its environmental management system through the Raymond tailoring initiative Singhania Schools
effective management of products, activities and services associated with its manufacturing operations and supply chain. • A unique employment generating social initiative that • Three Singhania schools at Thane, Chhindwara and Vapi
The Group possesses a deeply ingrained culture of environmental conservation and preservation. The Group is continuously provides tailoring training to youth and enhances their imparting value based education for all
engaged in technology upgradation in creating an environmental compliant enterprise. livelihood options
• Smt. Sunitidevi Singhania School - an upcoming ICSE
• MoUs with state governments of West Bengal school in Thane from Jr. Kg to Std VI will commence the
Some of the environmental conservation and sustenance • High-density polyethylene (HDPE) bags are used for
and Uttar Pradesh academic year from June 2019
measures undertaken are: packing fabric rolls at Amravati Plant and the same bags
get reused after the fabric roll is removed • Smt. Sulochanadevi Singhania School (Thane) awards:
Online monitoring and automation • The denim business has collaborated with a partner to Ranked India’s No. 3, Maharashtra’s No. 1 and
• Commenced online monitoring of coal boiler stack launch Cadira Dyeing. Compared to conventional dyeing Thane’s No.1 Co-ed Day School in the EducationWorld
emission parameters. It has also introduced automation of with indigo powder, that reduces the salt generation India School Rankings 2018-19; Times School Survey
fuel feeding into the boiler, leading to optimum fuel usage significantly, which in turn reduces effluent load. Award - 2nd best School in the National Schools category;
• The denim business has installed online Sulfur-dioxide The Company has also developed waterless dyeing Ranked Mumbai’s No. 2 by the Hindustan Times – C-Fore
(SO2) and Nitrogen-oxides (NOX) gas analyser and begun technique, which is unique and sustainable in terms of less Survey 2018; Best ICSE School Award among the Top 500
online monitoring of coal boiler stack emission parameters. water consumption schools in India 2018-19 (Brainfeed Awards) for Academic
Moreover, it has fully automated feeding of packed cloth • The denim business has used underbred feeding boiler Excellence, Safety and Security, Innovative Practices
roll from inspection house to warehouse for proper utilisation of coal fine dust to minimise coal and Collaboration
consumption and loss of ignition
Water conservation
• Initiated water recycling through effluent treatment and Energy conservation
sewage treatment plants to treat waste water • The installation of solar panels and street solar lights
• Installed new Reverse Osmosis (RO) plant to recycle 100% ensured energy compliance in our textile plants
effluents in-house • Commissioned a rooftop solar plant in our Vapi facility,
two-stage energy efficient compressor with heat recovery Khadi
Resource conservation and optimisation unit. With a compressed air system, air flow has been 'The Story Re-spun' is an initiative by Raymond to help
• The textile business installed new system in rope scouring optimised by installing three separate pressure bands and rejuvenate traditional craft by collaborating with artisans
machines where hot water is supplied to machines Intelligent Flow Control (IFC) system and designers to create products that are relevant and
through recovery of waste heat from weaving compressor • Replaced high pressure sodium vapour lamps compelling for consumers of today. The Khadi initiative
and singeing machine, thereby leading to reduction in with high bay lamp leading to energy saving in is expected to generate means of livelihood for weavers
coal consumption compressed air system through pressure reduction and through increased captive demand. The initiative has
• The Company further replaced conventional traps with segregation of pipe line generated additional 3 million man-hours in first phase of its
free-float traps in vacuum absorption chillers and open operation through design and quality interventions at more
width scouring machines, leading to diminished coal use than 75 clusters spread across different states of India.
Other Initiatives
• Providing assistance to children suffering from cancer at
St. Jude India Childcare Centre
15+ AWARDS Denim Business
• Confederation of Indian Industry • Offering free dialysis to under privileged patients at
Textile business – Greentech
(CII) Most Innovative Environment Apex Kidney Foundation
Safety Award - 2018
Project Award for Environment
• Vapi plant - Platinum award in textile • Participating in mid-day meal programmes
Best Practices-2018
sector for Outstanding Achievements
• Energy Efficient Unit Award given by • Upgrading the local indigenous low milk-yielding cows and
in Safety Management
CII, Hyderabad for National Energy buffaloes by breeding them through Artificial Insemination
• Jalgaon plant - Gold award in textile Management Award-2018 - through a special program called the 'Cattle Breed
sector for Outstanding Achievements • Golden Peacock Environment Improvement Programme'
in Environment Management Management Award

The Pursuit of Excellence
The industry recognition bestowed on Raymond through the numerous awards won during this accomplished year across Marketing (20+ Awards) Mini TRS
prestigious forums including those in digital tech, gives testimony of the Company’s success in tracing a futuristic path. Parx Hunt • Most Admired Fashion Retail Concept of the year
• Best Marketing Campaign of the year' – Times Network
• Most Profitable Design Concept of the Year
as National award
• Best Team Work for Mini TRS Rollout at Franchisee India
• ‘Marketing Campaign of the Year’ – ABP News.
Awards, New Delhi
Marketing & Advertising
Digital & Technology (5+ Awards)
• Most Admired Brand-Marketing & Promotion,
• Best Loyalty Program, 2018
India Fashion Forum
• GOLD for Successful Use of Technology in Customer
• Raymond – Marketing Campaign of the Year,
Service – Litmus Customer Experience Mechanism at ACEF
Indian Retail Awards 2018
Global Customer Engagement Awards
• GOLD for Effective Use of Customer Feedback – Color
• Awards for Excellence in Processes, Technology &
Plus Classic Fit Re-launch at ACEF Global Customer
Transformation at Emerging Technology Conclave
Engagement Awards
Exports (5 Awards)
• Raymond LSM – Best Marketing & Promotion – Retailer
• Silver Spark Apparel Ltd won Best Manufacturer
Award : IFA Awards
Exporter Award – Federation of Karnataka Chambers of
• Park Avenue – Best brand for Quality, Innovation, Commerce & Industry
Passion for customer
• RPAL won “Export Excellence” Awards in Large Category
Campaigns from: Automotive Component Manufacturers Association of
• Silver Award for “Raymond Technostretch Campaign” India (ACMA) and Engineering Exports Promotion Council
at outdoor adverting awards (EEPC) – Western Region
• Best Brand Strategy for “Do Good, Look Good” T&H awarded for
Campaign at McubeAwards • Star Performer Award in Hand Tools category for
FY2016-17 at the 48th EEPC India National Awards
• Silver Award for Excellence in Communication & Media at
Big Bang Awards 2018 • Best Sales in the category of Tools from Indian participants
in the Canton Fair
• Silver award in best ‘Integrated Digital Campaign on
Mobile’ at MOBEXX, 2018 Shared Service (4 Awards)
• GOLD Award – ‘Excellence in Transformation’ at SSON
• ‘Best Innovation in Brand Activation Retail’ at the
2018, Singapore
Activation Venues Forum
• Best Shared Service Team & Best-in-class Supply Chain
Khadi
Sustainability at Express, Logistics & Supply Chain Conclave
• 3 awards in categories: Retail; Jewelery, Fashion & Lifestyle
at e4m Prime Time Awards Supply Chain (2 Awards)
• CII National Scale award for Exemplary position under
• ‘Best Window Display Products & Collection’ at Global
Retail Category at Supply Chain & Logistics
Awards for Retail Excellence
• Suiting SCM – Supply Chain and Logistics Excellence at
Retail (10+ Awards)
CII SCALE Awards
• The Raymond Shop - Retailer of the Year - Fashion &
Lifestyle at Global Awards for Retail Excellence Annual Report (7 Awards)
• Mercomm Corp US – Grand Winner – Best of Mid East &
• PA won IMAGES most Admired Store launch
India at ARC international awards
of the Year 2019
• LACP International awards – Top 5 Indian annual reports of
2017 and Silver winner worldwide in Consumer Durables

Stock Performance & Corporate Information
Shareholding Pattern BOARD OF DIRECTORS
Chairman and Managing Director
MANAGEMENT EXECUTIVES
Chairman and Managing Director
BANKERS
Bank of India
Bank of Maharashtra
Central Bank of India
Stock Performance Nawaz Gautam Singhania Sanjay Bahl HDFC Bank Limited
Non-Executive Director Group CFO IDBI Bank Limited
State Bank of India
I D Agarwal Sanjay Behl Standard Chartered Bank
Independent Director Chief Executive Officer, Syndicate Bank
Lifestyle Business Axis Bank Limited
Pradeep Guha
2.8x
Independent Director Vipin Agarwal STATUTORY AUDITORS
President – Corporate Messrs Walker Chandiok & Co LLP
1.7x Boman Irani
Independent Director S L Pokharna INTERNAL & OPERATIONAL
President – Corporate Commercial AUDITORS
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Akshay Chudasama Mahajan & Aibara
Independent Director K A Narayan Chartered Accountants LLP
Raymond NIFTY 50
President – Human Resources
The chart shows the performance of Raymond Ltd. relative to the NIFTY Index, with 100 as base Shiv Surinder Kumar COST AUDITORS
Independent Director Sudhanshu Pokhriyal R. Nanabhoy & Co.
(from February 15, 2019) President – Textiles
SECRETARIAL AUDITOR
S K Gupta Gaurav Mahajan Ashish Bhatt & Associates
Non-Executive Director President – Group Apparel
Shareholding Pattern March 31, 2019 (%)
(from March 29, 2019) REGISTERED OFFICE
Ashish Grover Plot No. 156 / H. No. 2, Village Zadgaon,
Nabankur Gupta Vice President – International Ratnagiri – 415 612, Maharashtra
Independent Director Business and Garmenting
33 (upto December 07, 2018) REGISTRAR & SHARE
Ganesh Kumar TRANSFER AGENT
H Sunder Chief Executive Officer – Link Intime India Private Limited
Non-Executive Director Tools & Hardware C – 101, 247 Park, LBS Marg,
(upto November 26, 2018) Vikhroli (West), Mumbai – 400 083
44
Promoters Balasubramanian V
CHIEF FINANCIAL OFFICER Chief Executive Officer –
Domestic Institutions Sanjay Bahl Auto Components
Foreign Institutions
DIRECTOR – SECRETARIAL & Arvind Mathur
Others COMPANY SECRETARY Chief Executive Officer – Denim
Thomas Fernandes
Giriraj Bagri
11 WEBSITE Chief Executive Officer – FMCG
www.raymond.in
K Mukund Raj
12 CORPORATE IDENTIFICATION Chief Executive Officer – Real Estate
NUMBER (CIN)
L17117MH1925PLC001208
76 | Tomorrow on our Mind

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FINANCIAL YEAR 2018-19

Caution regarding forward-looking statements

2 | Tomorrow on our Mind Raymond Limited | 3

Branded Textile Garmenting

Read more on Page 50

Retail Catering to major

* Growth % excluding GST impact * Growth % excluding GST impact

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Tools & Hardware Denim

Power Tools Accessories Leader in domestic files Strong market presence

Strong retail presence

Caters to major players New Business

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Innovate and sustain the textile and garmenting businesses

Products Services Product extension

Invest and grow the apparel business

Asset-light Strengthening Retail Omnichannel Full wardrobe

FMCG Engineering Businesses Real Estate

Expand through brand Turnaround and sustain An opportunity to monetise

Professionally managed organisation focussed on enhancing value for all stakeholders

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NEW CUSTOMER SEGMENTS

PA & KS - Highest combined Market Share among Mens Deodorants*

KS SPARK - India's No. 1 selling Aerosol Deodorant#

No. 1 in worsted suiting fabrics in India

Largest branded shirting fabric player in India

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Retail Store Overseas Store Manufacturing Office

New Retail Store

plants New York Shanghai

The legends represent indicative

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The FMCG business has an extensive presence through 350,000+ Outlets

One of the largest exclusive retail

• A large number of trade partners have multi-channel relationship with us through

+110 mn +12mn 104mn +11mn

* Denim manufacturing is in a JV company

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for Tomorrow – Today!

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Particulars (` Crores) FY15 FY16 FY17 FY18 FY19

Total assets (` Crores) ROCE* (%)

FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19

11% Growth 29% Growth 140+ bps 25% Growth

Net Profit EPS

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Rest of the world

High Value Cotton Shirting* Tools & Hardware* Auto Components*

852 283 Additions 1,041

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The Company is mitigating these risks through regular review of

Framework Exposure to risks attached

Raymond has implemented an enterprise-wide compliance

Information Raymond uses standardised back-up tools, services and

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Khadi is a cherished outcome of the collaboration that Raymond began

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