Gautam Singhania steps down as chairman of Raymond Apparel Ltd

Nirvik Singh appointed as new Chairman; Anshu Sarin and Gautam Trivedi appointed as new directors on the board

New Delhi: Continuing with the transformation journey as Raymond Reimagined, Raymond Apparel Limited, a wholly owned subsidiary of Raymond Limited has appointed Nirvik Singh as the Non - Executive Chairman and has inducted Anshu Sarin and Gautam Trivedi as new board members. Demonstrating the spirit of good governance and ensuring the business is being run professionally, Gautam Hari Singhania has stepped down from the position of the Chairman and paved way for Nirvik Singh to take charge as the Non - Executive Chairman of Raymond Apparel Limited. However, Gautam Hari Singhania continues to be on the board of Raymond Apparel Limited. Anshu Sarin has joined the Board as a Non-executive Director along with Gautam Trivedi who has joined the Board as an Independent Director.

Operating in the space of branded apparel, Raymond Apparel Limited continues to grow its market share and offer the full wardrobe solution to the discerning consumer with its ready to wear power brands such as Park Avenue, Color Plus, Parx and Raymond Ready to Wear. With a focus on product innovations and go to market strategy, Raymond Apparel Limited will utilize the immense experience and relevant skill sets of the new members on the board.

Commenting on the appointments, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said; “I have always believed in setting the highest standard of governance and have always advocated to run the business professionally. I am delighted that Nirvik Singh has been appointed as the Non - Executive Chairman of Raymond Apparel Limited and I am sure that the company will benefit tremendously under his able leadership. I also welcome Anshu Sarin and Gautam Trivedi as new board members of Raymond Apparel Limited.”

Raymond Apparel Limited continues to expand its retail footprint with high focus on MBO channel penetration, enhancing in-house retail experience and omni-channel growth strategy along with strengthening the consumer engagement programmes across platforms. Having registered the growth of 15% during the last quarter over the previous year, Raymond Apparel Limited is poised to achieve a strong growth with the infusion of industry veterans in the forthcoming quarters.

Nirvik is a 27-year marketing and communication industry veteran and is currently the Chairman & CEO, Asia Pacific, Middle East, and Africa of Grey Group Asia Pacific. He began his career with Lipton India, a Unilever company and became the head of Grey Group India at the age of 33. He has received the Bharat Nirman Rattan Award for outstanding individual achievements and distinguished services to India by the National Integration and Economic Council, among many other honors. Nirvik joined the Board of Raymond Apparel Limited in July 2011 and has since remained as an Independent Director on the Board.

Anshu is the Chief Executive Officer of Berggruen Hotels and plays a central role in growing and expanding the Keys Hotels business across India. Anshu is a qualified Hotel Management graduate from IHM Pusa and holds an EMBA degree from S.P Jain Institute. She has previously worked with the Taj Group of Hotels and Kingfisher Airlines, in a career spanning nearly two decades.

Gautam Trivedi is the Co-Founder & Managing Partner of Nepean Capital. Gautam has over 26 years of experience in the Indian and Asian financial industry. He was the CEO of Religare Capital Markets, one of India’s leading Mid & Small Cap focused Investment Banks. Prior to that he was a Managing Director at Goldman Sachs having worked in their Hong Kong and Mumbai offices.

Gautam has also worked at Reliance Industries Ltd., Jardine Fleming (Asia), CLSA and DSP Merrill Lynch. He has an MBA from the University of Southern California (USC) and is an Aspen Institute fellow.

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