Swipe through the latest business and wealth clues with our android app

Raymond, India’s top suit-fabric maker, cuts jobs as people work from home

Raymond Ltd., one of the world’s biggest producers of worsted wool fabric used to make quality suits, is cutting costs as people continue to work from home during the coronavirus outbreak which has slammed demand for business clothing worldwide. The Mumbai-based company is reducing jobs, rents, and marketing costs to decrease expenses by 35% for the current financial year, Chairman Gautam Hari Singhania said. It has also sought to freeze loan repayments under a one-time moratorium program offered by the RBI. Raymond has seen its shares suffer the biggest loss among global peers this year as the virus outbreak intensified.

Read More at The Economic Times News date : 29 Jul 2020, Wednesday

©2020 TheNewsClues