Mumbai (Maharashtra) [India], Mar 11 : Sanjay Behl, Chief Executive Officer for lifestyle business at fashion and textile retailer Raymond Ltd, has decided to step down from his current role after serving for seven years.
"This development is a natural transition as we are in the process of forming a new company that is focussed on lifestyle business as part of the demerger process at Raymond Group," the company said in a statement.
"While we are in the process to appoint a new CEO, Behl has agreed to help in the transition and a seamless handover."
Raymond Group announced the demerger recently and has already initiated the process of completing formalities for listing the new lifestyle entity Raymond Lifestyle Ltd.
The lifestyle business through a new listed company will have the existing business of branded textiles, branded apparel and garmenting.
"Raymond is managed by a strong team of professionals and we are confident of hiring the best-in-class CEO for the proposed listed entity as we embark on a new phase of transformation at Raymond Reimagined," said Chairman and Managing Director Gautam Hari Singha.
Raymond is India's largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabrics and garmenting.
It has some of the leading brands within its portfolio -- Raymond Ready to Wear, Park Avenue, ColorPlus, Parx, Raymond Made to Measure among others.
Raymond has one of the largest exclusive retail networks in the country with over 1,500 stores across 601 towns.
At 10:30 am, the company's stock was trading 4.37 per cent lower at Rs 421 apiece.
( With inputs from ANI )