The company also plans to implement an Employee Stock Ownership Plan (ESOP) for its senior leadership team in order to create shared ownership.
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Raymond Lifestyle in its earnings statement, said that EBITDA for the quarter stood at Rs. 152 crore (US $16.07 million), representing 53% year-on-year growth, while the EBITDA margins improved to 8.4%.
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This partnership opens new avenues for premium technical knitted fabrics in India’s swimwear, beach wear, sportstech and activewear sectors.
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The company stated that its strategic initiatives resulted in improved inventory turns and maintained fresher merchandise across stores.
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Industry stakeholders stated that only a limited number of units are currently functioning at reduced capacity, while several others have either halted operations or are running intermittently depending on the availability of private water tankers.
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Walmart CEO John Furner highlighted India’s growing strategic importance for the US retail giant, particularly in sourcing, digital innovation and entrepreneur-led growth.
