Mumbai-based textile and apparel maker Raymond Ltd has formed a fast-moving consumer goods (FMCG) division to increase its market share in the personal and home care segments.
The Economic Times, which reported the development, said the new group will offer over a dozen products including skin and hair care items. Raymond’s other products will also be sold through the unit.
“Our vision is to be [the] player of choice amongst the emerging and enterprising India for their daily, personal and home care needs,” Raymond chairman Gautam Hari Singhania was cited as saying in the report.
An email query to Raymond seeking more clarity on the development couldn’t elicit any immediate response.
The company’s textile and apparel brands include Raymond, Park Avenue and ColorPlus. It also owns JK Helene Curtis, which sells Park Avenue deodorants, and JK Ansell, the maker of Kama Sutra condoms.
To oversee the new brand’s operations, the company has appointed ITC Foods COO Giriraj Bagri as president. The company has also roped in Rajeev Bakshi, the former managing director of Metro Cash & Carry, PepsiCo India and Cadbury, as ex-officio chairman to advise on the new segment, the report said.
The personal care market in the country is dominated by multinational companies such as L'Oreal, Nivea and Hindustan Unilever. A few domestic companies such as Dabur, Vini and Marico are also strong contenders in the segment. The beauty and personal care market in the country is worth Rs 75,000 crore and registered 16% growth over the past five years, according to market research firm Euromonitor.
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