Levi’s names India as largest Asian market and sixth largest global market

Denim and casual wear brand Levi’s has named India as its sixth largest global market and the country has become its largest market in Asia. As the Indian fashion market continues to grow, Levi’s sees a significant growth opportunity in the country.

“The Levi’s brand has increased nearly 50% in this important market compared to pre-pandemic revenue levels, becoming our sixth largest country and now the largest in Asia,” said Levi Strauss & Co’s president Michelle Gass on an earnings investor call, ET Bureau reported. “One of the most exciting consumer markets, India is the fastest-growing major economy in the world in 2023, and with more than half the population under the age of 30, we see India as one of our significant growth opportunities for the company.” 
 
In the 2022 financial year, Levi’s reported a 58% year-on-year increase in net sales in the Indian market to total Rs 1,154 crore, the Economic Times reported. Levi’s financial results do not show retail sales but rather sales at wholesale prices to its franchise partners. 

“India is primarily a franchise market and the strong growth is largely a reflection of the conviction of our partners in the power of our brands,” said Gass. “For example, during the pandemic, our franchisees doubled the Levi’s brand square footage in key malls across India to take advantage of the long-term opportunity they see.”