Raymond Group Chairman Passes Away: Raymond’s former chairman Vijaypat Singhania passed away on Saturday evening. He was 87 years old. His son and current chairman and managing director of Raymond Group, Gautam Singhania, shared this information on social media platform X. According to a company spokesperson, Vijaypat Singhania died in Mumbai and his last rites will be performed on Sunday.
Padma Bhushan awardee Vijaypat Singhania had a special fondness for aviation. He also made a world record for reaching the highest altitude through hot air balloon. For nearly two decades, until the year 2000, he led the Raymond Company. After this, he handed over the responsibility of the company to his son Gautam and also transferred his 37% stake to his name. A few years ago, a legal dispute also came to light between Vijaypat Singhania and his son, although later both of them resolved the matter with mutual consent.
How did it start?
Raymond started as a woolen mill named Wadia Mill in Thane, Maharashtra. This mill used to prepare uniforms for army soldiers. Everything went well in the initial period, but after a few years the mill had to be closed. During this time, the Singhania family came to know that a plan was being made to sell this mill. However, the deal was already done with another businessman.
Later, in the year 1940, Kailashpat Singhania bought Wadia Mill from that businessman and named it Raymond Mill. This step was taken in search of better business opportunities. He also established the JK Cotton Spinning and Weaving Mills Company in Kanpur, the aim of which was to challenge the textiles coming from Britain.
From a Mill to a Brand
Kailashpat Singhania was already active in the cotton clothing business. After purchasing Raymond, he also started making cheap woolen clothes. To further expand the company, the first Raymond showroom was opened in Mumbai in 1958. By 1960, Raymond had become the only mill in the country that used foreign machines for textile manufacturing. Gradually Raymond became a popular brand and its suits and pants started becoming the first choice of people.
Also read- Jefferies removed HDFC Bank from its portfolio, shares fell heavily after the resignation of the chairman.
Later the company realized that its products were limited only to the rich class. After this he decided to reach out to the common people and started making shirts, pants and suiting fabrics at affordable prices. This strategy proved to be extremely successful and Raymond soon became popular among the general public. Its showrooms started expanding rapidly across the country.
Comments are closed.