MGT 541 BUSINESS STRATEGY

FINAL ASSIGNMENT

RAYMOND
GROUP 2

Aashka Jadeja AU1916009

Bharvi Chheda AU1916007

Mitva Gandhi AU1713070

Parth Thaker AU1613041

Sakina Chikani AU1813020

Sanket Garg AU1812019

 1. Introduction
Incorporated in 1925 as the small Raymond Woollen Mill in Thane near Mumbai, the
Raymond Group has burgeoned into a global textile conglomerate over almost a
century. What started as a production of low quality cheap coarse woollen blankets
changed to a gradual production of superior quality fine woollens with the adoption of
technology starting in 1944 when Lala Kailashpat Singhania took over the mill. The
company started its first retail store in Mumbai in 1958 and with the increase in demand
of worsted woollen fabrics, started establishing manufacturing facilities in various places
like Thane, Jalgaon, etc. Under the leadership of Dr. Vijaypat Singhania, the Raymond
Group forayed successfully into other areas like polyester filament yarn, indigo denim,
cold rolled steel, prophylactics and charter air services. Throughout this journey, the
company was committed to improving their production as well as pioneering in different
methods and materials with the application of upcoming technology displaying visionary
capabilities.
In 1986, the company launched Park Avenue as India’s premium lifestyle brand
followed by KamaSutra in 1991 which became the largest selling condom brand within a
year of its launch. It also branched into Raymond Aviation in 1996 providing charter
services to corporate travellers and premium casual wear in 1999 under the brand
name Parx. With the first international showroom opening in Oman in 1990, the group
has international presence in over 55 countries across Europe, USA, Middle East, and
South Asia. It currently enjoys 1100 exclusive stores across over 380 cities and a
market share of 60% in suiting in India 1 and has brand presence in not only textile &
apparels but also engineering business in the form of J.K. Files - world’s leading
manufacturer of steel files with a domestic market share of about 65%.

2. General Business Environment

5 Elements of Strategy
Arena: The Raymond Group is active in various fields majorly being premium textile
and apparel manufacturing as well as retail, tools and hardware, automotive
components, FMCG, and aviation services including charter, maintenance and
consultancy services. Its brands include:
1. Park Avenue - corporate styling for men and women and men’s grooming
products like shaving cream, shampoos, styling gels, etc.
2. Colorplus - Ready-to-wear premium men’s clothing
3. Raymond Ready to Wear - premium wardrobe essentials
4. Parx - premium casual wear for youngsters including sport, urban, excursion and
club wear

1 "Raymond – Weaving Magic on Indian Fabric | Ushus Journal ...." 1 Oct. 2017,
http://journals.christuniversity.in/index.php/ushus/article/view/1764. Accessed 10 Nov. 2020.
 5. Ethnix - ready to wear traditional ensemble
6. Raymond Home - premium bed and bath range
7. Raymond Made to Measure - premium personalised clothing
8. KamaSutra - sexual wellness
9. Raymond Aviation - charter services
Its brand presence is geographically distributed throughout the Northern hemisphere
with showrooms in Europe, USA, Middle East and Asia.
Vehicles: one of the most important joint ventures that the Raymond group undertook
was in 1996 with Ansell International, one of the world's leading producers of latex-
based condoms, gloves, and other products. 2 The resultant new joint venture, JK Ansell
became the manufacturer of KamaSutra condoms, earlier under Raymond's subsidiary
JK Chemicals.
In 1995, the company formed a technical partnership with Allegheny Ludlum Corp.,
based in the United States, to produce high value-added and specialty cold-rolled close
annealed and silicon steel products.3
In 2003, the company acquired Regency Textile Portuguesa Limitada giving it
production facilities in Portugal and Spain thus giving an entry into the European
market. In the same year, it also acquired Colorplus giving control of India’s leading
casualwear brand.

Differentiators: Raymond has had a very strong 95-year legacy of providing premium
clothing to suit what they call ‘The Complete Man’. It is placed very strongly in the
premium category of clothing, specialising in men’s wear, originally for corporate suiting
and subsequently for youth.

It is one of the world’s leading manufacturers of the ‘super’ quality wool - the finest wool
to be produced. This sets it apart from all other brands as a pioneer in fine clothing.

It caters specifically to upper and upper-middle class business buyers, mostly men thus
creating a very niche market. It follows a premium pricing strategy marketing its
products as high-end, expensive and of superior quality.

Staging: Raymond has expanded from a coarse wool producing mill to a leading
clothing brand in 95 years. It started with expanding locally in terms of manufacturing
units and retail outlets, slowly expanding to international markets in the 90s.

The group further expanded into other fields and earned a significant market share in
them as well.

2 "Raymond Ltd. - Reference For Business."

https://www.referenceforbusiness.com/history2/78/Raymond-Ltd.html. Accessed 10 Nov. 2020.
3 ibid
Economic Logic: the company follows a purely premium pricing strategy catering to a
niche market. This comes from its superior quality products and their consequent
marketing.

Five Force Analysis

1. Bargaining Power of Supplier:

a. The power of supplier is low
b. High availability of cotton
c. Low cost labour
d. Cost relative being low in total purchase

2. Bargaining power of buyers:

a. Bargaining power of buyers is low
b. High demand of apparels and soft furnishing in the international market
rather than local market
c. Buyer are well aware and informed about the age-old brand, but purchase
size is low

3. Threat of New entrants:

a. Threat of new entry is moderate
b. Low barriers in local market for being old & well-known brand
c. The economic scale are high
d. Establishing new operation domestically or nationally need high capital
investment

4. Threat to Substitutes:
a. Threat of substitutes is high
b. Threat from the garment producer in the unorganised sector

5. Established Rivals:
a. Competitive rivalry is high
b. Raymond being a publicly traded company has marked its popularity in
indian brand for the consumer market, but faces high competition margin
from several companies like Arvind Mills, Bombay Silk Mills, Birla
Corporation Ltd, Century Textiles and Industries, etc. 4

4 "Marketing Mix Of Raymond - Marketing91." 7 Apr. 2019, https://www.marketing91.com/marketing-mix-

raymond/. Accessed 10 Nov. 2020.
PESTEL Analysis
Political

1. The Government has announced the release of a subsidy of INR 2,687 Billion for
the textile industry.
2. Removal of trade related tariffs and non-tariff barriers.
3. The government has extended 10% capital subsidy and 5% interest subsidy on
installation of machineries and for processing machinery.
4. A 41-member Working Group has also been announced to be set up with a
National Fiber Policy, to ensure self- sufficiency in fiber consumption and export
requirements in India.

Economic

1. Indian textile industry contributes about 14% to industrial production, 4% to the

country's gross domestic product (GDP) and 16.63% to export earnings.
2. Nearly 40% of the textiles produced in the country is exported and the textiles
sector is the biggest employment generator after agriculture
3. The sector is expected to generate 12 million new jobs
4. Indian textiles and apparel exports, which is worth US$ 41.4 billion in 2014-15, a
growth of 5.4 percent.

Social

1. The market for textile is growing as a whole as India’s population grows at about
1-2% annually.
2. Along with that, Raymond’s market segment of the upper middle class and the
high-class segment is also growing due to higher disposable incomes.

3. The textile industry is mainly a labor-intensive industry as it provides livelihood to

the huge population, mainly consists of unskilled workers, and thus plays a pivotal
role in the development of any economy.

Technological

1. The textile industry is more labour intensive.

2. Technical textiles.
3. Medical Textile
4. Man Made textile
5. Computerized flat knitting and embroidering
6. Technology Upgradation Fund Scheme has infused investment of more than INR
2,687 Billion.
Environmental

1. Environmental affecting industry.

2. Environmental-friendly process.
3. Waste reduction process.

Legal

1. Strong Environmental laws

2. Import Export laws

Industry Analysis: Textile industry is one of the oldest and largest industries in India. It
contributed to 2% of the total GDP employing more than 45 million people in the
FY2019. The domestic textiles and apparel market stood at an estimated US$ 100
billion in FY19.5 It is an evolving industry that owes its growth to various factors such as
abundant availability of raw materials, competitive cost and manufacturing, government
support, presence of large integrated players, and large and growing domestic market.

STRATEGIC GROUP MAPPING FOF TOP 5 TEXTILE RETAILERS

6

5 6 2
7
4
Market Share

3 5

8
1

0
5 5.5 6 6.5 7 7.5
Revenue (in 1000Cr)

Rank-wise positioning: Arvind Textiles, Vardhman Textiles Ltd., Welspun India Ltd., Raymond Ltd., Trident Ltd. –
includes Revenue, Market Share and No. of Businesses owned.

5 "Textile Industry in India: Overview, Market Size, Exports ... - IBEF." 21 Oct. 2020,
https://www.ibef.org/industry/textiles.aspx. Accessed 11 Nov. 2020.
 3. Competencies and Capabilities

a. Core Competencies
Raymond’s core competencies are that they are highly skilled in their business
with high specialization in a number of different fabrics giving them a huge
competitive advantage. Raymond offers a wide range of products which gives
them a competitive advantage. They offer differentiated products that others in
the market fail to offer at such a huge level. The quality of their products is very
superior and they are able to deliver these high-quality products at a reasonable
price which gives them an advantage among their competitors.

b. Strategic and dynamic capabilities

Strategic Capability is a business’s ability to integrate and harness its resources
and competencies to gain competitive advantage. 

SWOT Analysis
Strengths of Raymond:
Strong Brand Name: Raymond is almost a 100-year-old brand and has sustained
through different phases and fashion trends in India and all over the world
through the trust and credibility of its customers. It has strong brand loyal
customers in the market. 

Strong Brand Image The Raymond brand itself is sufficient enough to impress
the customers. 

Popular Tagline “Raymond: The Complete Man”: 

The tagline The Complete Man is a very successful tag line in advertisement
arena. The recall impact of this advertisement upon the customers are quite
large. Raymond get a good recognition of its brand through this tag line. 
Product Line Extension: Raymond is continuously expanding its product line by
adding various new brands under its level. This helps the company to target
customers of various age and occupation groups. The detailed product line is
discussed in the discussion of the section about the company. 

The Raymond Shop: The Raymond shop is a new creation of Raymond where
the company make all its brands available under one roof. In other words, it is a
chain of stores through which the company retains all the brands under it. It has
been a successful venture for Raymond in terms of engaging its customers
through its brands and has also contributed heavily in increasing the sales. 

Weaknesses of Raymond: Raymond Defamation Case Vishal Patel, a minority

shareholder at textile major Raymond who brought to light the alleged misuse of
the company’s funds. On March 2, Vishal Patel published an open letter in the
Business Standard newspaper saying the company spent more than ₹186 crore
in the JK House property in Mumbai. 

Low Global Penetration: Raymond has the major presence in India and some
South East Asian nations which is very low as compared to its major competitors
which are a weakness for the company. 

Over Dependence on Home Market: The strategies that the company is adopting
since its inception looks like more domestic centric in nature. 

The Singhania Vrs Singhinia: There is a family war between the father and son
about the property issue which exposed the brand in both national and domestic
market. 
 Opportunities of Raymond: Increasing Per Capita Income in India: The per capita
income in india is increasing. This could be an added advantage for the
company. This will certainly increase the demand in the apparel industry. 

Growing Middle Class: The Indian middle class have experienced a shift in their
spending pattern. The middle-class population of India can create high demand
in the near future. 

Global Presence: Raymond is gradually targeting the global exposure. 

Threats of Raymond: Intense Competition: Raymond is imaged as a high priced

company in the market. With the availability of too many players, Raymond
competes with various local and global players in the market. 

Intense competition in the market puts pricing pressure and reduce market share
in the industry. It faces competition from several companies like:  
Birla Corporation Ltd  
Arvind Mills Ltd  
Century Textiles and Industries Ltd  
Sree Valliappa Textiles Ltd  
Ayyappan Textiles Ltd  
Grasim Industries Ltd  
Bombay Silk Mills Ltd 

c. Value Chain Analysis

1. Inbound Logistics- Raymond imports raw materials from a number of
countries from around the world. 
2. Operations- After procurement of raw materials from within the country as
well as outside, it uses the raw materials to make fabric in India using its
technical know-how.
 3. Outbound Logistics- Once the product is finished it reaches the customers
by their store outlets. These outlets offer different types of fabrics from
which the customer chooses from. The stores get these fabrics(stock)
from the factories.
4. Marketing and Sales- It is marketed through various advertising channels
and hoarding.
5. Services- They offer services such as their own tailors who take
measurements and make a tailor fit dress for the customer from the
chosen fabric.
d. RBV/OBV
Resource Based Analysis- This tells us how a firm can exploit its existing
opportunities by exploiting existing resources. Raymond has its expertise in
making high quality fabrics which are then used to make formal clothing. It is
there in the market. It can use the existing resources (knowledge of fabric) and
explore new opportunities like work from home clothes that require to be formal
but comfortable and home-like at the same time. 

Opportunity Bases Analysis- This tells us what changes are required in

capabilities to explore new opportunities which are different from the firm's
existing capabilities.
Raymond being a formal clothing brand can use its expertise of fabrics and enter
the market of casual wear. This will require them to do some research in fabric
for casual wear which is different from formal wear. This is different from what
they are actually doing and if done right they can explore this opportunity.
 4. Competitive Strategies:
Michael Porter’s Generic Strategies:

Raymond being a premium brand with broader consumer market scope, falls under
differentiation strategy in porter’s generic strategies.

Bowman’s strategic clock

5. Corporate Advantage

DIVERSIFICATION STRATEGY

Setting up a portfolio of businesses which are profitable, cost

effective, industry leader are generally desirable but to
generate such combination is very rare, perhaps now
question is what is the next best option, answer to this is
very subjective.

Raymond’s core product is apparels, which is now an

established business, it has successfully developed
businesses within the very broad apparel industry for all
major groups “Park Avenue”, “Color-Plus”, “Parx”, “Park
Avenue women”, “Raymond premium Apparel”.

The Raymond group being 9 decade company, addressing

the need of the hour states they want to reach to the youth
through an omni-channel distribution system with online &
offline presence, for that they decide to form a separate new
entity of “Raymond Lifestyle” which includes all apparels &
accessories, and the old Raymond group would now get into
the real estate business & handle the FMCG market making
it easier for investors to make informed decisions and give
operations a distinctive objective.

In Apparel industry the end consumers’ buying decision are

mostly based on look, feel, fit, price and then fabric
composition, but in online shopping, fabric type &
 composition makes a significant impact on imagination of the
buyer for decision making, perhaps The Raymond group has
in the last decade introduced several exclusive collections
based on fabrics like “Linen”, “Italio-grasi”, “Premium
woollen” (Their expertise).

Portfolio Analysis Techniques:

1. BCG Matrix of Raymond:

Cash Cows
In every business, the product portfolio there are few classifications, which produce enough revenue to
regulate the operations and management. Such products are cash cows for the organization that has high
market share of the overall industry and low market development. The high demands of the consumers
helps in encouraging the items as the cash cows. Raymond Home and Manzoni are the cash cows of
Raymond Group. Most of the revenue comes from them, and reinvest in different organizations or in it.
Shoppers favor them due to it fantastic quality and sensible costs, which no other competitor can offer.
Stars
These products, which have reached to the development stage, and have high market share of the overall
industry alongside high market growth. These things don't bring such income as cash cows but bring
possess for the good future prospects. This encourage the organizations to be reliable with their
investments. Color Plus, Park Avenue, and Parx are the stars of the Raymond Group. These are consider
as the most innovative brands who offers premium, casual and formal dresses for the both men and
women. Further, investment can transform it into cash flows as a result of its market position and solid
brand value.
Question marks
Mostly know as problem child, which implies they have the high growth rate, however can't create
enough benefit due to the low market share. The items or the business is still struggling growth stage, but
the growth phase considers its odds to be stars or cash cows if the choices are made in a correct way.
Made to measure and Makers are the question mark for the Raymond Group, in view of extreme rivalry in
the market. There are a few brands offering similar assistance in low costs, which are generally best by
the customers. If the investment is made with powerful systems and effective strategies, this could be the
star things.
Dogs
This category has the items who don't create high volume of, neither have they had high growth rate for
setting up the remarkable market share in the business. Business or the industry is continuously
processing and has little chance of improvement. Nonetheless, ecological factors additionally impact the
business. Zapp is the dog item for the Raymond Group. It is the kids wear because of the high costs the
brand was failing to meet expectations.
 6. Methods of growth

Alliances and Partnerships

From fabric to ready-made clothing to custom tailoring, Raymond provides full solutions
to men's wear. It has remained one of India's leading luxury retailers for all generations
for more than 9 decades. With the introduction in the recent past of new product
categories including performance improving fabrics such as the Techno-Smart range,
the all-Natural Linen collection, Shoes to suit every occasion and feet, leveraging new
age technology such as 3D printing for accessions, to the latest Khadi launch.

Raymond’s early realization of collaborations with entrepreneurs helped to create a

broad franchise network across developing markets with the development of a marquee
brand presence in these cities. We assume it will take this emphasis to new heights on
potential emerging markets, good collaboration, early mover advantage, strict product
quality parameters and customer-centered approach. In its Agile Business Model, which
takes account of customer nuisances & market dynamics, the secret to the company's
efficient and fastest roll-out of stores is the key. The company recognized the
significance of emerging markets outside Tier I as early as 2008. The company
eventually extended its retail footprint to include all Tier II & III markets between 2009-
14. Raymond felt a need to adapt and build a new retail business model with the right
market proposition for the evolving Tier IV & V cities for the next stage of retail
expansion.6

As they have opened in entirely new markets and cities, these stores continue to
contribute incremental sales and profits to the group. In the production of sales, over
90% of the store opened met estimates. 7

In an attempt to scale up its consumer goods business and take its primary brand Kama
Sutra internationally, Raymond acquired the remaining 50 percent stake in the joint
venture JK Ansell. As part of the deal, Raymond purchased 0.42 percent of the sexual
wellness business for about Rs 19.3 crore through JK Investo Trades and sell the
gloves business to its affiliate, Pacific Dunlop Holdings, an RS 11.3 crore Ansell Group
firm.The group formed a new division for FMCG to cover both established brands and
potential releases in the category of personal and home care.

Raymond collaborated with Reliance Industries Ltd. to introduce the first eco-friendly
brand into the market namely Ecovera.  Raymond developed Ecovera by recycling post-
consumer waste PET bottles, using biofuels and energy-efficient processes through R-
Elan technology from Reliance. The Ecovera range will be available in India's 1,500
Raymond stores. The brand has signed agreements with more than 32 Indian
companies from across the country to date. They are also into both natural and man-
made fibres and creating innovative, eco-friendly and sustainable products.

Business clusters

Raymond Ltd has a broader range of firms, from machine tools, machinery and, more
recently, real estate. Singhania has stepped down as chairman of all major subsidiary
companies over the last two years, letting non-executive chairmen run the boards. Behl
deals with textiles, footwear, clothing, retail and FMCG. The JK Helene Curtis board,
which makes the Park Avenue brand of products, is headed by former Pepsico India
leader Rajeev Bakshi. Nirvik Singh, Grey Group's chief executive officer worldwide, now
chairs the board of Raymond Apparel. A veteran of the power and engineering

6 "Raymond to Continue its Growth Journey with ...." 29 Oct. 2018,

https://www.franchiseindia.com/content/raymond-to-continue-its-growth-journey-with-
harsheharmeinraymond-motto.12009. Accessed 12 Nov. 2020.
7 ibid
industries, Ravi Uppal chairs the boards of Ring Plus Aqua and JK Files (India), both of
which are reported to the board by independent CEOs.

As a flagship company of the Raymond Group, as a B2C branded player for suiting and
shirting fabrics, its Branded Textile division has a dominant role in the Indian industry.
Over the years, the vertical has evolved on the back of strong relationships with channel
partners, some lasting more than 50 years, as well as broad distribution scope. The
company has continuously launched new products and services with a broad
distribution network that addresses robust fabric demand across Tier 1 cities to Tier 6
cities, keeping up with the needs and desires of customers. It witnessed strong growth
in FY 2018-19 led by network expansion backed by growth in the segment of
institutional and exports.8

The textile and apparel sector accounts for 14 percent of the country 's overall exports.
India is the second largest garment manufacturer and exporter after China and the
fourth largest apparel manufacturer and exporter after China, Bangladesh and Vietnam.
The large production base of a wide variety of fibres and yarns, including natural fibres
such as cotton, jute, silk and wool, and synthetic and man-made fibres such as
polyester, viscose, nylon and acrylic, is the fundamental strength of India's textile
industry.9

Raymond Ltd aims to monetize its non-core properties, which include the highly
lucrative hardware and machine tools companies and land parcels in Thane near
Mumbai, in addition to concentrating on the core companies. Singhania began a real
estate company to monetize the land and named Mukund Raj, former vice president of
L&T Realty, as CEO.

Porter’s Diamond Model Analysis

1. Firm, Strategy, Structure and Rivalry

The way an organisation is organized and controlled, its corporate priorities and the
measure of competition within its own organizational culture are linked to this element.
A strategy’s function is to help set new targets, a structure's role is to assist in
operations management, and rivalry helps to stimulate new creative ideas in
organisations. Due to the high demand and more competition in the market in the textile
industry, there is a strong rivalry in the textile industry amongst each other. This will
eventually result in more innovative and quality products into the market.

8 "Raymond Creates 30 lakh Work Hours of Employability for ...." 14 Jun. 2019,
https://indiacsr.in/raymond-creates-30-lakh-work-hours-of-employability-for-khadi-artisans/. Accessed 12
Nov. 2020.
9 ibid
 2. Demand Conditions:

If your product is in high demand in your home market rather than in a foreign market,
the global competitiveness of the local exporting companies will be increased. This
would be a benefit; it will assist you in increasing a company as a rapid rise in demand
for a commodity. Raymond’s growth strategy for demand conditions is to make and
customize the product as per the demand of the customer. For example, the
collaboration with Khadi is showing par excellence in their growth strategy as it was
formulated as per the demanding conditions.

3. Related and supporting industries:

A market's success depends on the involvement of vendors, rivals, and complementary

firms. In addition, competitive manufacturers strengthen ingenuity and
internationalization. An organization’s performance will still be an asset to related or
supportive organisations. Ultimately, by making complementary goods, they inspire
each other. Raymond has already associated with Khadi and many other hand-loom
sector industries so as to keep up with the growth strategy.

4. Factor Conditions:

Conditions of the factor can be seen as possibilities within a region. As any nation would
have dramatically different factors. So, it's a big benefit to work in a position that is
appropriate for your business needs. The variables are important; the most critical of all
could be the human resource. It is difficult to complete the necessary work without the
availability of manpower. They recruit the people who have passed out from the
renowned universities so as to be updated from the market viewpoint and could
channelize the demand of the customer in a better way and show the growth of the
business.

5. Strategy Implementation

Organizational Structure
The company expanded in structure and design over the course of the years. In order to
encourage greater participation of the top management in the organisational effort, the
organization was split into three regions, namely Western, Central and Eastern.
Raymond Limited is a part of the Western Zone in Chhindwara.
Balanced Scorecard
Ethics and Corporate Governance

Fair Dealing: Each director and employee of the company shall seek to deal equally
with the clients, suppliers, distributors, investors and competitors of the company.
Through deception, concealment, misuse of privileged knowledge, misrepresentation of
material evidence, or any other unfair dealing practise, no director or employee of the
Company can take unfair advantage of anyone.

Corporate opportunity: The Company's directors and employees shall not take
advantage of opportunities that are found by the use of corporate property, knowledge
or position for their own personal benefit, unless the opportunity is completely reported
in writing to the Board of Directors of the Company and the Board of Directors refuses
to pursue that opportunity.

The company's executives and staff are prohibited from: Taking for themselves any
possibility that belongs to the Company in particular or is discovered by the use of
corporate property, knowledge, or position; using personal advantage of corporate
property, knowledge, or position; and competing with the Corporation. 10

Leadership

Commenting on the development, Gautam Hari Singhania, Chairman & Managing

Director, Raymond Ltd. said, “We are charting a refreshed approach in our Lifestyle
business as we emerge in the new normal. The strengthening of the management team
with the addition of Joe Kuruvilla is an exciting development and in line with our
commitment to investing in global talent to enhance the scale of our business. We
keenly look forward to consolidating our leadership position in the market as also
developing our recent offerings with a comprehensive integrated digital-first outlook.” 11

10 "Code of Business Conduct & Ethics - Raymond." https://www.raymond.in/businessconducts.

Accessed 12 Nov. 2020.
11 "News: Raymond Lifestyle gets a new CEO — People Matters." 12 Oct. 2020,
https://www.peoplematters.in/news/leadership/raymond-lifestyle-gets-a-new-ceo-27262. Accessed 12
Nov. 2020.