NEW DELHI: India has emerged as the fastest growing market in Asia for the US clothing company Levi Strauss & Co. For the first quarter of 2020-21 that ended February 28, the company’s sales in India grew ahead of the same period in 2019, Harmit Singh, global CFO at Levi Strauss & Co, said.
“Asia as a region declined 8%. The full digital ecosystem in the region grew over 60% in the quarter. India’s performance was slightly ahead of the region. More importantly, this market grew compared to Q1 of 2019…,” said Singh.
Levi’s, which is the largest maker and retailer of denim wear both globally and in India, reported sales of Rs 1,118 crore in 2019-20 (the company follows a December-November financial year).
Pepe, which is the second-largest brand in India after Levi’s, reported sales of Rs 403 crore during 2019-20.
“Our international markets such as China, India and Russia all had great first quarters and represent significant growth opportunities,” said Chip Bergh, CEO at Levi Strauss & Co.
Despite the company’s first quarter sales declining by 13% to $1.3 billion, Bergh remained optimistic about its prospects due to the roll out of vaccinations.
Sanjeev Mohanty, MD at Levi Strauss & Co (South Asia & MENA), told TOI the company pulled off its strong performance here on the back of opening more profitable stores and rapid e-commerce ramp up.