The iconic denim maker Levi’s has crossed Rs 1 bn in revenue for the first time with the highest growth rate of 25 percent in India since entering the market 25 years ago. According Levi’s annual returns for the financial year ending March 2019, the company recorded Rs 1,100 cr revenue from India operations as it ‘premiumised’ its offerings even though the retail market was hit by sombre consumer sentiments. The India entity revenue is recorded at a wholesale level sold to franchisees and that gross turnover at a consumer level would be around Rs 2,000 cr.
The company’s profit remained stable at Rs 50 cr due to the recognition of deferred tax assets in its books. Benefits before taxes for Levi’s India Rs 91 mn rupees stood during the period under review compared to Rs 59 cr a year ago. Levi’s growth has come at a time when retailers have expressed concern about slower sales growth.
Levi’s is present in approximately 430 stores in 160 cities and is also available in major online markets such as Amazon and Flipkart. According to Mohanty, Levi’s will expand into segments such as accessories, footwear at a faster pace than its other core businesses to position Levi’s as a lifestyle brand here.