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Brand Stories
May 28, 2025 · 6 min read

A 100-year-old Indian brand, ₹7,000+ crore in revenue.

And this is how it became one of India’s most powerful fashion supply chains.

Sanchit Govil
Sanchit Govil
Co-Founder, LAL10
Operator at the intersection of fashion, supply chains and brand building.
“Great brands aren't just built by products, but by the infrastructure behind them.”
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How Raymond Went From a Small Woollen Mill to a 7000 Crore Brand
01—

In 1925, Raymond Lifestyle Limited started as a small woollen mill near Thane Creek,

making coarse blankets and low-priced wool fabric. Nothing about it suggested what it would become.

02—

The Singhania family took it over in 1944.

They didn't outsource their way to scale. They went the other direction, building their own fibre processing, their own fabric mills, their own garmenting units, and their own retail stores.

03—

Today, Raymond is one of the largest vertically and horizontally integrated manufacturers

of worsted suiting fabric in the world, and a market leader in the domestic worsted suiting industry in India.

04—

Here's what's worth noticing:

Raymond didn't fail because it owned everything. Raymond succeeded despite owning everything, because from 1944 to 1990, that was the only way to guarantee quality and speed.

05—

But owning is capital-intensive and rigid.

It made sense when supply was scarce, and you needed control. It's a liability when supply is abundant, and you need flexibility.

06—

The brands winning today aren't winning because they rejected Raymond's logic.

They're winning because the conditions that made Raymond's logic necessary have changed. And they're building different infrastructure for a different world. Raymond built a moat by owning the chain. But there is another moat where fashion brands are building one by orchestrating a chain nobody owns.

KEY TAKEAWAYS
Vertical integration can create unmatched quality and scale.
The right strategy depends on supply chain conditions.
Modern brands are winning through orchestration, not ownership.
Infrastructure is a strategic advantage, not just an operational necessity.

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