Mumbai: Textiles and apparels maker Raymond Ltd has closed its home retail business after two years of operations as part of a consolidation move, it said on Thursday.
Raymond ran the home retail business under the Be:Home brand which sold home textiles and related accessories.
“In line with our ongoing and continuous strategic evaluation of our brand portfolio to serve customers better we withdrew the Be:Home brand from the market. This was part of a brand rationalisation and consolidation exercise to enhance corporate performance,” Raymond said in an e-mailed statement to Reuters.
“This particular segment would not have contributed even one percent to Raymond’s business,” an analyst from a local brokerage said.
“The segment was not doing well at all, since it was not working the way the company had anticipated it to work, they closed it down,” the analyst said.
Earlier on Thursday, the DNA Money paper said that only four stores, including two in Mumbai, had been operational at the time of discontinuing the retail format.
At 10:25am, Raymond shares were up 3.14% at Rs221.75 in a firm Mumbai market.