Park Avenue, the menswear brand from Raymond, has extended its portfolio with the launch of an exclusive range of businesswear for women. Christened as Park Avenue Women, the range is targeted at working women and priced Rs 700-5,500.
When contacted, a Raymond spokesperson told Indiaretailing: “Park Avenue is the largest premium formalwear brand and we are confident that Park Avenue Women too will achieve a prominent position in the market. The company is targeting revenue to the tune of Rs 150 crore from this new womenswear brand in the next two years.”
The company plans to have three exclusive Park Avenue stores in New Delhi, Mumbai and Bangalore by this November. The products are also retailed through Park Avenue standalone stores and other leading MBOs.
“The women’s westernwear market in India is estimated at Rs 2,700 crore. The brand expects to capture around 15 per cent of the premium western formalwear market, which is growing at over 20 per cent annually. We believe that Indian women will love our products,” said Gautam Singhania, chairman and MD, Raymond.
Recently, Raymond introduced womenswear in the ‘smart casual range’ under its ColorPlus brand. The company is also hoping to generate Rs 150-crore revenue in the next two-three years.
Raymond Group has 450 retail stores, of which 310 are franchisee-operated. It plans to have 1,000 stores by 2010, taking up over 200,000 square feet of area. Raymond Group portfolio includes Raymond, Park Avenue, Parx, Manzoni and ColorPlus.
Earlier, Indiaretailing had reported about the company’s plans to launch womenswear under ColorPlus and Park Avenue.
– Vishnu Rageev R, Bangalore Bureau