Levi's India back to growth, outpace most other Asian markets

Denim maker Levi’s Strauss & Co said India has come back to growth, outpacing other Asian markets which declined 8% as a region.

Until last quarter, most apparel companies including Levi’s had declined due Covid-related lockdowns and strict restrictions after reopening “India’s performance was slightly ahead of the Asia region and importantly, this market grew compared to Q1 of 2019 driven by the acceleration of the digital ecosystem and the ongoing transformation of our store fleet and franchise network,” Levi’s chief financial officer Harmit Singh told investors.

Nearly two quarters ago, Levi’s said it took back inventory from closed franchisees in India and reallocated it to pure play ecommerce, which helped the online channel. In addition, it also closed underperforming stores and either upgraded and expanded others into better locations.

Globally, the retailer reported a double-digit sales decline at 13% for its fiscal first quarter. The company’s chief executive officer Chip Bergh said on the international front, developing markets of China, India, and Russia had great first quarters and represent significant growth opportunities.


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