{"id":2612,"date":"2013-06-23T18:29:42","date_gmt":"2013-06-23T18:29:42","guid":{"rendered":"http:\/\/www.franchisemart.in\/franchise\/?p=2612"},"modified":"2013-06-23T18:29:42","modified_gmt":"2013-06-23T18:29:42","slug":"raymond-opens-first-store-in-pakistan","status":"publish","type":"post","link":"https:\/\/www.franchisemart.in\/franchise\/raymond-opens-first-store-in-pakistan\/","title":{"rendered":"Raymond opens first store in Pakistan"},"content":{"rendered":"

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Raymond, suiting and fabrics conglomerate, will on Friday formally open its first shop in Pakistan, where business leaders welcomed it as a step towards closer trade ties between the two nuclear rivals. <\/p>\n

NexSource Pakistan, which acquired the rights to sell RaymondBSE 0.16 % suiting in Clifton, one of the most upscale neighbourhoods in business capital Karachi, said it was a major acquisition. <\/p>\n

“They wanted to bring Raymond to Pakistan and we offered to be their partner,” said one of its directors, Najmus Saqib. <\/p>\n

Nexsource say they expect to reap good business after an aggressive advertising campaign in a city whose wealthier residents are sartorially obsessed and where fashion is a key driver of business. <\/p>\n

“People are crazy about clothing and dressing, and they already know Raymond,” Saqib said. “We just have to let them know that it is here.” <\/p>\n

New Pakistani Prime Minister Nawaz Sharif, who is one of the country’s wealthiest businessmen, has called for closer rapprochement with India since winning general elections in May. <\/p>\n

NexSource executive Saqib said he believed the enormous Indian market represented massive business opportunities for Pakistan. <\/p>\n

“We expect a good response (through Raymond) but we believe it is a futuristic investment as we can explore a market 10 times bigger than ours,” said Saqib. <\/p>\n

Pakistani business leaders welcome the arrival of the Indian brand, which was founded in 1925 and whose Karachi shop is to be inaugurated formally later on Friday. <\/p>\n

“As long as there is healthy competition we welcome this move,” said Amin Hashwani, president of the Pakistan India Business Forum. <\/p>\n

Nexsource say they plan to open more Raymond outlets in Islamabad, Lahore and Faisalabad before the end of the year.<\/p>\n