Raymond Lifestyle expands board size to 10 members ahead of listing

Raymond Lifestyle (RLL), the spun off unit of Raymond, has expanded its board, with the induction of Rajiv Sharma as the non-executive director of the company.

With Sharma’s appointment, RLL’s board size has expanded to 10, of which seven are independent directors.

Sharma has previously worked with the Coats Group, a British thread and structural components' manufacturer for apparel, footwear, and performance materials. He has also served on the board of joint ventures at GE Energy and Shell and has held management positions at Saab Systems and Honeywell.

RLL, a branded textile and apparel company, is expected to list in early September. The company was hived off from Raymond last month.

“The diverse and deep expertise of our board will complement RLL management's passion and commitment as we pursue large domestic opportunities, including those in the wedding, apparel, and sleepwear segments,” said Gautam Hari Singhania, chairman, RLL.

RLL owns popular brands such as Park Avenue, ColorPlus, Parx, Raymond Made to Measure and Ethnix.

The Mumbai-based Raymond Group has also decided to hive off its real estate business Raymond Realty (RRL).

Going ahead, the group will have three separate listed entities. The parent firm Raymond will focus on engineering— tools and hardware, auto components, aerospace and defence businesses.

Shares of Raymond last closed at Rs 2,020, down 2.1 per cent, valuing the firm at Rs 13,448 crore.

“Our sum-of the parts-based model values the real estate business at FY26E EV/Ebitda of 8x on embedded Ebitda, assuming pre-sales of Rs 4,000 crore and 25 per cent Ebitda margin, and arrives at a valuation of Rs 8,000 crore (Rs 1,200 per share). We assign a P/E of 20x on FY26E to the lifestyle business, arriving at a value of Rs 2,340 per share. The engineering business is valued at 8x FY26E EV/Ebitda, arriving at a value of Rs 250 per share,” a recent note by Motilal Oswal had stated.