Vijaypat Singhania Dies at 87, Leaves Raymond at a Crossroads

Vijaypat Kailashpat Singhania, the former chairman of Raymond Group, passed away on Saturday at the age of 87. His son Gautam announced the news on social media, expressing profound grief and deep sorrow. Singhania was a visionary leader, philanthropist, and inspiring personality who transformed Raymond into a global textile brand.

The Making of a Textile Empire

Singhania took charge of Raymond in 1980, when the company primarily produced grey fabric. Under his leadership, Raymond expanded internationally, and its suiting fabrics became synonymous with high-quality and Indian tailoring. He modernized the looms, opened company stores, and promoted premium wool in new markets.

Some key achievements during his tenure include: Exports increased from near zero to a significant portion of revenue Raymond’s brand recall in smaller Indian towns remains strong * The company sold suits in a large number of countries

The Record-Breaking Chairman Who Loved Altitude

Singhania was also known for his passion for aviation and adventure. In 2005, he set a world record by flying a hot air balloon to a height of over 69,000 feet. This stunt was broadcast live and showcased Raymond’s logo to a global audience.

Some key achievements during his tenure include: Exports increased from near zero to a significant portion of revenue Raymond’s brand recall in smaller Indian towns remains strong * The company sold suits in a large number of countries

He was a licensed pilot and had flown microlight aircraft, supporting aviation initiatives in India. Singhania believed that aviation helped the brand gain visibility when advertising budgets were limited.

A Public Family Fracture

Despite his professional achievements, Singhania’s later years were marked by a publicized family dispute with his son Gautam. The rift began when Singhania transferred controlling shares and the chairman’s office to Gautam, but Gautam eventually locked him out of the family’s 123-year-old bungalow, JK House.

The dispute led to dueling affidavits, with Singhania petitioning for his home. The court ultimately ruled in favor of Gautam, and Singhania’s stake in the company was diluted to a minority holding.

The Vacuum After the Patriarch

With Singhania’s passing, Gautam now runs Raymond unchallenged. However, minority shareholders are concerned about the company’s succession plan, as there is no clear document on file. Institutional investors control a significant portion of the stock, and any future rift could trigger a takeover battle.

Additionally, Raymond faces challenges, including a debt-equity ratio that doubled during the pandemic. Revival plans depend on selling portions of JK House, which is still tied up in probate litigation.

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What Happens to the Brand Next

The funeral will be held at Chandanwadi crematorium on Sunday at 3 p.m. Within the next 29 days, the board must convene to rename the chairman emeritus seat and disclose any revised Articles of Association.

However, minority shareholders are concerned about the company’s succession plan, as there is no clear document on file.

Analysts expect asset sales, including the Thane mill land, a parcel in Pune, and portions of the JK House compound. Proceeds will be used to cut debt and fund a foray into women’s ethnic wear.

The bigger task for the brand is to convince Indians that Raymond still stands for trust, not tabloid drama. A new campaign, “new threads, old soul,” aims to reposition the brand and move forward.