Park Avenue and Parx, two ready-to-wear brands under the Raymond Group, are actively competing for their share of men’s apparel market in India, valued at US $ 31.10 billion in 2024. Park Avenue, established in 1986, specialises in formalwear, while Parx, launched in 1999, targets Gen-Z with its casual lifestylewear. Park Avenue has a robust presence with 100 Exclusive Brand Outlets (EBOs) and over 2000 points of sale, whereas Parx operates 15 EBOs and an equal number of points of sale.

According to Raymond’s Annual Report (2022-23), the collective sales of branded apparel (Raymond Ready to Wear (RRTW), Park Avenue, Colour Plus, Parx, Ethnix by Raymond) amounted to Rs. 1,328 crore out of the total consolidated revenue of Rs. 8,337 crore. Raymond’s branded apparel contributed 16 per cent of the total sales, ranking second after branded textiles, which accounted for 39 per cent.

In an interview with Apparel Resources, Pragati Srivastava, Brand Head for Park Avenue and Parx, highlighted the brands’ sourcing strategy. Merchandise is primarily sourced from India and also from certain other countries, depending on the collection’s need. The brands prioritise partnerships with integrated vendors who offer full solutions of fabrication and garmenting. Pragati also disclosed the brands’ expansion and growth strategies. Edited excerpts:

AR: What do both brands represent and how do you approach the target demographic and style for each group?

PS: I see Park Avenue as the complete wardrobe solution for the man on the move – be it formal, smart casual or even partywear. The target audience for Park Avenue are individuals aiming to excel in the corporate world or their business ventures. These individuals are ambitious- driven and eager to succeed. The collections are driven by innovative and tech-led solutions with lighter garments, higher stretch with edgy styles, ensuring that the Park Avenue man will be dressed to perfection to face any situation.

Parx, is all about casualwear and embracing the relaxed aesthetic. It targets a younger demographic, primarily Gen-Z. They are characterised by their energetic, adventurous spirit and a desire to stay trendy and connected within their social circles.

AR: How much do both of these brands contribute to the Raymond Group?

PS: When it comes to our business split, we’ve got it down to apparel, garmenting, suiting and shirting. Now, focusing on apparel, it’s a separate division with four key brands: Raymond, Park Avenue, Parx and ColorPlus. Each brand plays its part in driving apparel revenue. Specifically, Park Avenue contributes around 30 per cent – 35 per cent of the revenue (from the collective sales of branded apparel), while Parx chips in with about 20 per cent. In terms of growth figures, both brands are currently experiencing a year-on-year growth ranging from 16 per cent to 20 per cent.

Park Avenue being formidably a bricks-and-mortar brand, the major revenue comes from the offline model of the business. Parx is sold mostly through multi-brand outlets.

AR: Which new markets are you targeting for Parx and Park Avenue?

PS: For both these brands, we’re gearing up to launch 50 to 100 new outlets starting from April. Our focus is for both India-1 and India-2 where the mid-value segment brands perform well. Moreover, for Park Avenue, we’re currently in the midst of revamping our retail stores.

AR: What are the latest trends in men’s fashion?

PS: Currently, international trends lean heavily towards casualwear, with a surge in textured fabrics, particularly in knitwear. There’s also a notable emphasis on utility, especially in bottomwear like cargos. The current trend leans towards minimalism, characterised by classic luxury with fewer intricate details. We are consistently integrating such aesthetics into Parx’s non-formal offerings.

AR: What’s your outlook on India’s formal and casual apparel market in the next five years?

PS: In India, consumption is on the rise, with no signs of stagnation in the market. Both men’s formalwear and casualwear segments are projected to grow on the slower side as compared to women’s and kids’ segments, which are growing more aggressively. However, casualwear is outpacing formalwear in growth. This shift is attributed to the increasing preference for casual attire even amongst professionals and corporates. To address this trend, we’ve taken the initiative to introduce a semi-formal line for Park Avenue in the Autumn/Winter ’24 season. This reflects the broader industry trend towards casualwear, with all brands aligning their offerings accordingly.