With an aim to expand its foothold in the FMCG category, Raymond Group has launched One Park Avenue, a customer-facing initiative for Park Avenue’s range of men’s grooming products. The changing dynamics of the men’s grooming segment and the rollout of GST prompted the decision.
“Changing customer preferences, improved lifestyles and growing consciousness among male consumers present us with huge opportunities in the FMCG space. After the acquisition of Ansell’s stake earlier this year, One Park Avenue is yet another significant step that will strengthen our FMCG play both nationally and internationally, which is an important driver for value creation for the Raymond group and an integral part of the Raymond Re-Imagined journey,” said Gautam Hari Singhania, Chairman and Managing Director, Raymond Ltd.
Under the One Park Avenue initiative, the brand will have synergies in terms of a Unified Visual Identity, repositioning itself with a wider grooming portfolio, premium international packaging and innovative products.
“At Raymond, we are leveraging synergies across our FMCG businesses to create a strong and monolithic FMCG play in our core categories. Simultaneously we are also utilising cross-organisational expertise to bring in efficiencies and cost optimisation to help us invest more aggressively towards newer initiatives such as ‘One Park Avenue’. The idea of One Park Avenue is built on unique consumer insights backed by strong innovation that will drive consumer acquisition and enhance consumer relevance for our lead brand Park Avenue. Going forward, we hope to clock exponential growth and hence a coherent unified premium imagery and identity of Park Avenue has been created for offering the same product experience globally,” said Giriraj Bagri, CEO, FMCG Business, Raymond Ltd.
One Park Avenue is being led through the introduction of a new range of fine fragrances and the new positioning statement, “Unleash your X factor”. The brand has promised a 360-degree marketing blitzkrieg in the next three months.
Raymond has also launched One Park Avenue with an eye on the international markets. The brand will soon make its way to international markets such as the Middle-East, Bangladesh and Nepal, with a phase 2 plan to enter South Asian markets of Sri Lanka, Bhutan and Myanmar in the next six months.
Currently, the brand is raking in annual revenue of Rs 500 crore through its FMCG business and is eyeing exponential growth in the numbers in the coming years.
“We are looking at an exponential growth and by that what we mean is, we will significantly beat industry growth, category growth and competitive growth. So, you should see us leading industry growth rates as far as the next five years are concerned,” said Bagri.
According to Bagri, the strength of the male grooming category is around Rs 5,000 crore and Park Avenue is the second biggest player in the segment.
“In the male deodorant category, we already have an excess of a 10 per cent market share. It is our intent that as far as the fragrance and deodorant category is concerned we want to aspire for leadership,” said Bagri.
The entire range of the newly launched perfumes and deodorants will be available through exclusive brand outlets of Park Avenue apparel along with other sales and distribution channels across India and international markets.