Raymond on Sunday revealed that the Bangladesh crisis has proven to be a huge opportunity for the domestic garment industry. Gautam Hari Singhania, Chairman and MD, Raymond, said that the company has been receiving a huge number of inquiries from global players after the garment industry in Bangladesh suffered due to the political unrest in the country.
Speaking to PTI, the executive said that the company is ready to capitalise on the situation and take advantage of it. The textiles and apparel firm recently invested in its garmenting facility to become the third largest suit maker in the world.
Elaborating on expectations of the shift of the industry from Bangladesh to India, Singhania said, “We are hoping so. We are seeing the inquiries. It obviously needs a little bit of time, but we are certainly seeing positive signs on that. India is better-placed with its end-to-end supply capabilities linking all stages as companies as Raymond are present in both fabric and garmenting business, which, in turn, will save time for international brands also on final delivery. Bangladesh does not have a fabric supply. India has got a great opportunity to take advantage of this fabric supply because we have the fabric base here. They have (only) garmenting base.”
The executive noted that India has the benefit of being stable politically and a large middle class with a great consumption capacity. “Though Indian labour may be more expensive than Bangladesh, look at the totality of the situation. I have a fabric and end-to-end supply. I save your time for which you pay me something,” Singhania added.
Notably, the firm has divested Raymond Lifestyle and is set to list it publicly this week. The executive stated that the world is looking towards India as a preferable sourcing avenue and this would add to the advantage for his company. In comparison to China, Singhania noted that India provides a better quality of apparel-related work and value to the customers. “China is about quantity, if you want cheap quality, go to China and India is about value. They are volume and we are value and quality,” he said.