Levi's predicts continued low double digit growth from India market

By

Isabelle Crossley

Published
Feb 9, 2023

Levi’s expects to see continued low double digit growth in the Indian market despite a slowdown in western markets in 2023. The denim and casual wear brand sees India as one of its most important markets for driving sales growth in 2023. 

“Globally, the first half of 2023 is probably going to be a little tougher than the second half,” Levi Strauss & Co's global chief financial and growth officer Harmit Singh told the Economic Times. “The consumer in the western world is a little tight with higher inflation and high energy prices. But we are long on India, its consumers, the economy as well as apparel growth. We believe our Asian business, including India, will continue to grow in the low double digits, which is really remarkable when things are slowing down in the western world.”
 
Levi’s has benefitted from trends including an increase in casual dressing in the workplace and a move away from fast fashion for certain segments of society. In the 2022 financial year, the brand reported a 58% year-on-year net sales increase to total Rs 1,154 crore in wholesale sales to franchise partners.  

“Growing our store base, and growing our business digitally in India is important,” said Singh. “During the pandemic, we took a call to really restructure our store base. We expanded where we could, relocated the stores where we could, and that’s really paid off.”