Raymond, India’s top suit-fabric maker, cuts jobs as people work from home, Retail News, ET Retail

By Nikhil Patwardhan and P R Sanjai

Raymond Ltd., just one of the world’s biggest producers of worsted wool fabric utilised to make excellent satisfies, is slicing fees by extra than a 3rd as people today shelter at household from the coronavirus outbreak.

The Mumbai-primarily based company is minimizing work opportunities, rents, and marketing fees to lower charges by as a great deal as 35% for the fiscal yr started April 1, Chairman Gautam Hari Singhania claimed in a virtual interview last 7 days. It has also sought to freeze mortgage repayments below a just one-time application supplied by the central lender.

“Raymond has taken this as an prospect to re-set,” Singhania claimed. “What we know is this is a disaster and we will stand powerful.”

The change to on the internet engagements has slammed need for business outfits around the globe, tipping the two-century-outdated Brooks Brothers Team Inc. into

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