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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
India’s best known textile brand is beset with losses and the absence of professional management. Will its flamboyant owner be able to reclaim its glory days?
Editor's note: If a bad penny were to acquire a name at this point in time, chances are it would settle for calling itself Gautam Singhania. Because Raymond, the iconic company Singhania inherited from his father, and of which he is chairman and managing director, is now perhaps in the most precarious position it has ever been in its 96-year history. Last year, several members of its senior management team, assiduously built over five years, quit. A replacement CEO for the lifestyle business put in his papers last month, after just seven months on the job. To think this happened at a time when the company had posted its biggest ever annual loss has given shareholders cause for concern. To add to their worries, Raymond’s valuation is down to Rs 2,600 crore, lesser than the value of 125 acres of land it holds in Mumbai’s suburbs. (A group company had sold 20 acres for Rs 700 crore in 2019.) Singhania, meanwhile, has been busy adding to his collection of vintage cars, a pursuit he seems more at ease with than running a …
India’s best known textile brand is beset with losses and the absence of professional management. Will its flamboyant owner be able to reclaim its glory days?
Editor's note: If a bad penny were to acquire a name at this point in time, chances are it would settle for calling itself Gautam Singhania. Because Raymond, the iconic company Singhania inherited from his father, and of which he is chairman and managing director, is now perhaps in the most precarious position it has ever been in its 96-year history. Last year, several members of its senior management team, assiduously built over five years, quit. A replacement CEO for the lifestyle business put in his papers last month, after just seven months on the job. To think this happened at a time when the company had posted its biggest ever annual loss has given shareholders cause for concern. To add to their worries, Raymond’s valuation is down to Rs 2,600 crore, lesser than the value of 125 acres of land it holds in Mumbai’s suburbs. (A group company had sold 20 acres for Rs 700 crore in 2019.) Singhania, meanwhile, has been busy adding to his collection of vintage cars, a pursuit he seems more at ease with than running a …
Brands are struggling amid plunging prices of lab-grown diamonds, poor margins, intense competition, shaky global demand and a domestic market where tradition continues to shape buying decisions.
While the Rs 9,000 crore promoter investment in Q1 brings a measure of reassurance, investors will still have to wait for Jio and retail to work through their challenges.
The department store chain’s only growth engine is powered by distribution, not stores—raising questions about sustainability and profitability.
Brands are struggling amid plunging prices of lab-grown diamonds, poor margins, intense competition, shaky global demand and a domestic market where tradition continues to shape buying decisions.
While the Rs 9,000 crore promoter investment in Q1 brings a measure of reassurance, investors will still have to wait for Jio and retail to work through their challenges.
The department store chain’s only growth engine is powered by distribution, not stores—raising questions about sustainability and profitability.
