Is Raymond All Set To Sell Consumer Care Business: Click Here For Details
A big announcement can be made in the customer care business today. Raymond can finalize a deal to sell its customer care business to another company. It is believed that Godrej Consumer Products is going to acquire Raymond's consumer care business. It is worth noting that Raymond has been trying to sell its business for some time, but the deal could not move forward due to valuation issues.
47% stake in the business
A media report has stated that Godrej can announce the acquisition of Raymond's consumer care business today, i.e., on April 27. However, it is not yet known what the value of this deal will be. Raymond Consumer Care is a subsidiary of Raymond, which is a branded clothing and real estate company. Raymond owns over 47 per cent of the consumer care business, which includes the Park Avenue and KamaSutra brands. Its annual sales were around INR 522 crores in the previous fiscal year.
Large network
The network is quite large. In its FY22 annual report, Remand Consumer Care stated that it has a presence in more than 650,000 retail stores with the help of chemists, modern trade, and e-commerce. The company has a manufacturing facility in Aurangabad, Maharashtra, where around 40 crore condoms are made every year. As for Godrej, the company is already a big name in the personal care market. Its hair color cream and air freshener are in high demand. After acquiring Remand Consumer Care, it will also be able to make a mark in the sexual wellness business.
There was also news last year. Last year, there were reports of a deal between Remand Consumer Care and Good Glam Group, but the deal could not go through as Good Glam Group was not willing to pay the valuation that Remand management was seeking. Therefore, the matter could not proceed. However, now Godrej is almost finalizing the deal with Remand, and we are waiting for its official announcement.
