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Explain the Product Development Strategy of Raymond.

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Raymond’s, in early eighties, launched some ready to wear trousers called ‘Double Barrels’. The product received a low response. Aggressive advertising, naming the same now as Raymond’s Leg wear with caption “no hassles with tailors” and the promise of a “great fit” too failed. The company, realized through research that by and large Indians were attracted to a foreign label consequently, the company decided to market their readymade garments under a new brand name- PARK AVENUE which conveyed a ‘Western’ image to fit in for perfect stylish and a completely Western image from top to bottom. Park Avenue extended wallets, belts and kerchiefs under one roof. With ease company sailed through the critical stages.

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