Raymond to get out of FMCG
Synopsis
Over the past few years, Raymond has been deleveraging its balance sheet with asset monetisation and internal accruals. The company has brought down long-term borrowing ratio to total borrowings to 27% in 2019-20 from 51% in FY18, helped by land sale by its associate company.
Mumbai: Apparel maker Raymond plans to exit its fast moving consumer business as part of a strategy to focus on its core apparel segment, and is seeking a valuation of ₹2,500 crore, an official close to the development told ET. The company, which sells fragrances, condoms and personal care products though brands such as Helene Curtis, KamaSutra and Park Avenue, approached a few suitors through investment banker Rothschild, the person said. A
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