Raymond Apparel, one of the oldest players catering to the needs of the business class Indian decided to launch the format in 2008 after recording a strong growth in their accessories business in the past few years.
Shreyas Joshi, President, Raymond Apparel said,
The company has been recording over 30% year-on-year growth in the accessories segment. At present, accessories contribute 5% to the total business and the company expects this to go up to 10% in the next two years.
Raymond has done its due diligence and has found that Accessories is an impulsive purchase decision by the consumer and hence stores should be in high footfall locations including that of Airports. The first store is currently operational in Hyderabad International Airport.