In June 2016, an article in India-based financial newspaper, The Economic Times , reported the magical turnaround of Raymond Ltd, (Raymond), producer of worsted suiting fabric , based in Mumbai, India. The article stated that the company’s stock had doubled, outpacing the Sensex's rise of 34% during 2016. Revenue grew by 37% and profit tripled during 2015-16. The 93-year-old company, one of India’s largest branded fabric and fashion retailers, was the world’s largest manufacturer of wool and wool blended fabric largely used in suits. Apart from fabrics, Raymond had also diversified into engineering and aviation.

The company with a glorious past had a tough time after the liberalization of the Indian economy in the early 1990s. The entry of international brands posed a threat to its business. The brand lost its luster further during the early 2000s when the market moved to readymade wear. It suffered due to experienced tailors leaving the profession with very few being left to stitch expensive suits. The unrelated diversification of business exerted pressure on the financials of the textile business. According to analysts, Raymond lost focus trying to do too many things (textile and clothing, cement, steel operations, etc.), at the same time. ...

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