Jun 12, 2012, 09.59 AM | Source: PTI
Raymond Ltd, world's largest producer of suiting fabrics today said its ad spend on social media is likely to grow by 400%.
The company had spent about Rs 35 crore on advertising and marketing last fiscal of which Rs 5 crore was on social media which was witnessing 400% growth in the first quarter of this fiscal, according to a press note issued.
The company conducted a search for a new 'Complete Man' ads through a first-of-its-kind model hunt through Facebook in Q1 FY13 and for which it attracted hundreds of responses from young male models from across India, it said.
A report 'Explosion of Social Media: Transforming the Corporate Business Scenario,' released by ASSOCHAM in late 2011 observed that majority of start-ups, leading national and international companies operating in India are embracing social media to enhance their business and on an average spending anywhere between Rs 2 lakh to Rs 50 lakh a year on social marketing campaigns.
Rakesh Bansal of RK Global is of the view that one
Raymond's board meeting will be held on January 25
Hit by demonetisation Indian textile major Raymond