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A lot of garment manufacturing may move to India from Bangladesh

Rtv news

  06 Sep 2024, 12:32
Photo: Collected

Raymond CMD Gautam Singhania expects a large chunk of garment manufacturing to move India in the coming years due to the political turmoil in Bangladesh and believes his company is ready to tap into the opportunity with the investment it had made to supply to global players.

"We sell fabrics to Bangladesh, all that business is coming back here after the crisis. Once the business shifts here, it won't go back.

They don't have a fabric base. You will succeed when you are integrated - we have fabric base and garment base (in India). Today, the ball has been thrown, we have to catch it," he said.

Raymond had invested around Rs 200 crore to expand its garment manufacturing capacity, which Singhania expects will come handy given that the company is already supplying to large buyers. "We are the third largest garment manufacturer in the world; we do 10 million pieces a year. Two Chinese players are bigger; they have higher volumes, but they sell cheaper stuff. Today, all the marquee customers are with us. For example, Hugo Boss, CK, Macy's, JCPenney. Out of Rs 7,000 crore (revenue), Rs 1,200 crore will come from there, 95% of that is exported," he said.

While Raymond is seeking to expand its portfolio with sleepwear, inner-wear, and bolstering Ethinix, Singhania ruled out a re-entry into womenswear. "It's as different for me (as it is) to make cement and steel. We did a market survey and it showed that the male took very strong objection to Raymond extending it to womenswear," he said.

Source: TOI

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