‘Be Indian, Buy Indian’
What has been the impact of Covid 19 pandemic on the textile and apparel industry in India?
Given the discretionary nature of the Textile and Apparel industry, the pandemic has affected us. With the lockdown, all factories were shut and demand came to a standstill. In this backdrop, the Indian textiles industry accounting for roughly 14 per cent of the total industrial output and a key contributor to the economic activity has also been adversely impacted from the uncertainties of global demand as well as subdued domestic demand. However, barring the intermittent black swan event like Covid pandemic, we are equally hopeful for bouncing back to growth as soon as the pandemic curve witnesses an arrest in the near future.
What is the strategy that Raymond has adopted to face this situation?
At Raymond, we are challenging all costs and have also implemented restructuring to ensure efficiencies. In line with the prevailing market conditions, the company has undertaken the process of cost rationalisation and various cost control measures related to sales and marketing, manpower, rentals and others to minimise the impact on business due to the pandemic.