Raymond Lifestyle Ltd

Crafting the Next Century of Elegance

Dear Shareholders,

Raymond Group's journey over the past few years has been remarkable. From achieving a net debt-free status and divesting our FMCG business to successfully demerging and listing our Lifestyle and Real Estate businesses, along with acquisition and consolidating our Engineering capabilities - we have consistently taken strategic steps to unlock shareholder value and drive sustainable growth.

For Raymond Group, 2024-25 was a year that passed with an indelible mark. It was a year that honoured our legacy while reshaping our future. It marked a decisive inflection point in our century-old journey - where legacy met leadership, and heritage embraced reinvention.

Transformation is a constant in any evolving economy - only companies rooted in clear natural strengths and convictions have the resilience to evolve, adapt, and endure. Over the past 100 years, Raymond Group has been curators of culture, enablers of aspiration, and stewards of India's evolving identity - shaping moments that matter and becoming a part of every occasion that defines a generation. From crafting the finest fabrics to expanding our portfolio of products and strengthening the ethos of ‘The Complete Man', we continue to redefine men's fashion, proudly occupying a growing share of their wardrobes with offerings that blend tradition with modernity.

While ambition drives this strategy, governance grounds it. Raymond Group's transformation is rooted in strong governance and openness to change, we remain committed to enduring quality over fleeting trends, building a legacy that delivers lasting value. This reflects a deliberate shift toward institutional resilience and long-term relevance beyond today's success. We have evolved into a professionally managed organisation, fortified by robust systems, sound values, and a vision-driven approach designed to endure with grace and integrity across generations.

We believe that leadership, especially across generations, must be grounded not just in ownership, but in accountability. To uphold this principle, we have constituted a new Board comprising seven distinguished independent directors whose collective wisdom and diversity of thought empower us to lead with clarity, conviction, and character. We are committed to build companies through robust governance, delivering strong shareholder returns, and creating businesses that endure.

This is reflected in the successful demerger of our Lifestyle Business into a focussed and a net debt-free pure- play listed entity, Raymond Lifestyle Limited, positioning us to build with sharper intent and greater agility. As we embark on our next chapter, we bring with us the creativity to envision, the discipline to execute, and the courage to lead.

We are well-prepared for this structural shift in consumption, with a strategy rooted not just in scale, but in sharper focus. As we deepen our presence in established markets and expand into emerging consumption hubs, we stand uniquely positioned as a comprehensive clothing solutions provider to cater to men's need throughout the day - bringing together garments, suiting, shirting, wedding attire, ethnic wear, sleepwear, and innerwear that provide comfort, style, and functionality throughout the day.

The foundation of our next phase is anchored in a five-year strategic roadmap ‘Lifestyle 2.0'. It is a clear, purpose-built blueprint for transforming our lifestyle business into a more agile, future-forward enterprise. At its heart are three pillars:

Strengthening the Core - by consolidating our leadership position in branded textile. At the heart of this transformation is a commitment to premiumisation - introducing premium collections like Exotic and Regio Italia, crafted from wool-rich and allwool blends with refined Italian design sensibilities. The brand is expanding its reach across cities through asset-light models, while enhancing product innovation with ceremonial fabrics, multidirectional stretch blends, and fine trousering. Custom tailoring services and performance textiles further differentiate the offering, catering to evolving consumer preferences. By optimising channel mix and deepening engagement through digital platforms, Raymond is not just consolidating its core - it's redefining the future of Indian textiles with sophistication, scale, and purpose.

Accelerating Growth - by scaling our apparel and garmenting across both domestic and global markets we are making significant strides within the sector. We remain committed to increasing our retail footprint in a caliberated manner and are in the process of expanding our garmenting capacity.

Building New Categories - by aggressively expanding our play in ethnic wear, innerwear, and sleepwear. Ethnix by Raymond was launched in response to the growing demand for premium, curated ethnic wear in India's evolving wedding and ceremonial space. In a largely unorganised category, Ethnix by Raymond stands out for its design strength, brand trust, and ability to meet both traditional and contemporary preferences. Aligned with our goal of occupying a larger share of the Indian man's wardrobe, we also entered new categories with clarity and intent. SleepZ by Raymond brings structure to the fragmented sleepwear segment, while Park Avenue Innerwear extends a trusted brand into a high-demand space with a focus on comfort, quality, and retail efficiency. A landmark moment in our centenary year was the launch of The Chairman's Collection - an apex in Indian menswear. Meticulously crafted using premium fabrics such as Giza and Supima cottons, this limited-edition line stands as a bold expression of intent. It reflects Raymond's commitment to championing India's heritage of craftsmanship while redefining luxury. With this collection, Raymond steps confidently into the global luxury space - showcasing Indian design, elegance, and excellence on the world stage with the dignity and confidence it deserves.

While our vision for transformation remains bold and future-focussed, we are acutely aware of the current market realities that demand resilience and agility. 2024-25 presented a complex operating landscape, marked by subdued consumer demand, prolonged heat waves, general elections, fewer wedding dates, inflationary pressures and broader macroeconomic headwinds that tempered performance across key verticals.

We will double down on disciplined growth by consolidating our core operations, streamlining processes, and sharpening execution across business units. A key thrust will be on enhancing productivity within our existing retail network - leveraging data-driven insights, optimising store formats, and improving channel mix to drive higher throughput and profitability.

Strengthen operational resilience through robust governance and cybersecurity frameworks

Deepen consumer engagement by refining product assortments and elevating in-store experiences

Maximise retail efficiency by unlocking latent potential across our stores

Maintain fiscal prudence while investing selectively in high-return growth opportunities

Despite global uncertainty, India remains one of the fastest-growing major economies, poised to become the world's fourth largest with GDP growth of 6.5% in 2024-25. This momentum is driven by robust domestic consumption, a young and aspirational population, formalisation of the economy, and sustained infrastructure development. India today stands at a unique crossroads where global opportunity intersects with domestic dynamism. As global supply chains diversify under the ‘China Plus One' strategy, India has emerged as a natural destination, offering unmatched scale, abundant talent, and a reform-friendly ecosystem. Even small shifts in global garment sourcing, such as the U.S. importing 18 Million garments annually, present significant opportunities for India's manufacturing exports.

The retail sector mirrors this transformation. Contributing nearly 10% to GDP and employing close to 8% of the workforce, Indian retail is evolving from an informal, fragmented sector into an organised, digital, and aspirational engine of growth. For Raymond, the evolving retail landscape presents not just a significant opportunity-but a profound responsibility. As formal retail penetration accelerates, particularly in underrepresented markets, there is a growing appetite for trusted, homegrown brands that reflect the aspirations of a new India. As India embraces transformational change under Prime Minister Narendra Modi's Viksit Bharat 2047 vision - a comprehensive roadmap to become a fully developed nation by its centenary of independence - Raymond 2.0 emerges as a bold testament to progress. This pivotal moment in our evolution marks the reinvention of our iconic 100-year-old brand into a modern, purpose-driven enterprise, deeply aligned with the nation's aspirations. It's a collective commitment to building a modern, self-reliant, and globally competitive India. Anchored in this collective aspiration, Raymond Group's Lifestyle, Realty and Engineering businesses emerge not merely as business verticals—but as an embodiment of our commitment to nation-building. With a focus on delivering fabrics and homes that harmoniously blend affordability, aspirational living, and world-class quality. Complementing this, our Engineering division powers industrial innovation—producing precision components that support critical sectors from automotive to aerospace, helping strengthen India's manufacturing excellence. Through this multifaceted endeavour, we contribute meaningfully to the Viksit Bharat 2047 mission—ensuring that every citizen has access to dignified clothing, shelter, vibrant communities, and the opportunity to thrive.

Equally, we recognise that true progress begins with education.

As part of our broader commitment to nation-building, we continue to invest in nurturing future citizens through the expansion of Singhania Schools, setting an ambitious target to educate over one lakh children across India. As a part of our CSR initiatives, we are empowering over 5,000 lives through focussed partnerships in health and education, supporting life-saving paediatric heart surgeries, cancer rehabilitation, holistic childcare for young cancer patients, school infrastructure upgrades, and citizenship education programmes that nurture responsible young citizens. By fostering academic excellence and holistic development, we reaffirm our belief that empowered minds are the foundation of a self-reliant and globally competitive Bharat.

Raymond's century-long journey has been marked by resilience, ambition, and a deep bond with its people—shareholders, employees, and customers. Through every challenge, the Group has moved forward with purpose, building a bold identity rooted in trust and excellence. As we step into a new century, our commitment remains unwavering: to drive growth, expand strategically, and play a meaningful role in nationbuilding. With every new beginning, we aim to strengthen our legacy and proudly contribute to the evolving story of India.

Going forward, Raymond 2.0 will be anchored on these three powerful pillars that will define our future: Lifestyle, Real Estate, and Engineering. Our disciplined approach to capital allocation, combined with our strategic assets and deep understanding of the Indian consumer positions us to deliver sustainable returns. As we evolve into a future-ready enterprise, we remain committed to the highest standards of governance, continued investment in manufacturing excellence, and accelerated technology adoption to drive competitiveness and long-term growth. These focus areas form the foundation of our vision—to lead with purpose, driven by performance, innovation, and enduring value creation.

Warm regards,

Executive Chairman,

Raymond Lifestyle Limited