“This enhancement is a all-natural changeover as we are in the process of forming a new company that is focussed on life style business as portion of the demerger process at Raymond Group,” the organization claimed in a statement.
“Though we are in the process to appoint a new CEO, Behl has agreed to assistance in the changeover and a seamless handover.”
Raymond Group announced the demerger recently and has previously initiated the process of completing formalities for listing the new life style entity Raymond Way of living Ltd.
The life style business by means of a new outlined organization will have the current business of branded textiles, branded attire and garmenting.
“Raymond is managed by a robust workforce of specialists and we are assured of hiring the very best-in-class CEO for the proposed outlined entity as we embark on a new phase of transformation at Raymond Reimagined,” claimed Chairman and Controlling Director Gautam Hari Singhania.
Raymond is India’s largest built-in worsted suiting company that delivers finish-to-finish methods for materials and garmenting.
It has some of the primary makes inside of its portfolio — Raymond All set to Use, Park Avenue, ColorPlus, Parx, Raymond Designed to Measure among other people.
Raymond has just one of the largest distinctive retail networks in the region with above 1,500 merchants throughout 601 towns.
At ten:30 am, the firm’s stock was trading four.37 per cent decrease at Rs 421 apiece.