Raymond in talks with overseas PE funds to sell 20% in its branded apparel business

Raymond is in talks with overseas private equity (PE) funds KKR & Company and Blackstone to sell 20% in its branded apparel business to fund expansion. In this regard, the company has appointed Citibank as investment banker. The minority stake sale will help expand the apparel business which faces stiff competition from Aditya Birla Group’s Madura Fashion and Arvind Lifestyle, leading apparel makers in India.

Raymond is one of India’s largest branded fabric and fashion retailers. It is one of the leading, integrated producers of suiting fabric in the world, with a capacity of producing 38 million meters of wool & wool-blended fabrics.