“This development is a natural transition as we are in the process of forming a new company that is focused on lifestyle business as part of the demerger process at Raymond Group,” the company said in a statement.
“While we are in the process to appoint a new CEO, Behl has agreed to help in the transition and a seamless handover.”
Raymond Group announced the demerger recently and has already initiated the process of completing formalities for listing the new lifestyle entity Raymond Lifestyle Ltd.
The lifestyle business through a new listed company will have the existing business of branded textiles, branded apparel and garmenting.
“Raymond is managed by a strong team of professionals and we are confident of hiring the best-in-class CEO for the proposed listed entity as we embark on a new phase of transformation at Raymond Reimagined,” said Gautam Hari Singhania, Chairman and Managing Director.
Raymond is India’s largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabrics and garmenting.
Raymond has one of the largest exclusive retail networks in the country with over 1,500 stores across 601 towns.