The popular Denim maker- Levis will be scaling the investment in its stores in India. The market will be considered and made a priority for the sales growth. There is also a fear of recession in many developed and developing countries.
According to Harmit Singh, global chief financial and growth, “Globally, the first half of 2023 is probably going to be a little tougher than the second half. The consumer in the western worlf 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”.
India has a attractive market for apparel brands. This has happened with the youngsters specially. The youngsters are embracing the fast-growing fashion brands such as Zara, H&M, Levis, etc. They have become a success in the country. Levis started with just one store in India and now it has 400 stores across 150 cities in India. This reflects the number and the growth in sales in India which is Rs.1154 crore in 2021-2022.
As compared to the rivals, the figures are not in comparison with Levis because of the wholesale prices of the franchise partners. There is a apparel segment which is in terms of consumer price. Wearing smart formals and smart casuals in the corporate sector, among youngsters has become a trend over the past few years which will be fuelled by the millenials and GenZ.