Textiles and apparels maker Raymond Ltd has exited its home retail business after two years of operations, as part of a consolidation move, the company said today. Raymond operated the home retail business under the Be: Home brand selling home textiles and related accessories.
Raymond said it had withdrawn the Be:Home brand from the market in line with its ongoing continuous strategic evaluation of its brand portfolio and to serve customers better. This was part of a brand rationalisation and consolidation exercise to enhance corporate performance, it said.
According to analysts, the segment would not have even contributed one per cent to the company's business and since it was not working as the company had anticipated, the company closed it down.
According to media reports, only four stores, including two in Mumbai, were operational at the time of discontinuation of the operations.