Levi Strauss & Co. has its eye on India.
On a recent visit to the country, LS&Co. CEO Chip Bergh discussed the company’s plans to grow the business here, open our own Levi’s® stores and launch an e-commerce platform.
Although India currently commands a relatively small slice of the LS&Co. business, the country’s large population means there is massive untapped market potential. The country’s growing middle class and robust economy make it an increasingly attractive market for retailers.
“One of the company’s growth strategies is to expand into countries like India,” Chip said in an interview. “Our business could be twice the size of what it is now in the next five years. Investments in e-commerce and retail will help us do that.”
Although denim remains a core part of the business, Chip said another global growth opportunity for the company lies in growing its tops and women’s businesses. In the second quarter of this year, LS&Co.’s global women’s and tops businesses grew 24 percent and 39 percent, respectively, and there is still a lot of opportunity for even more organic growth by expanding our reach in key markets like India.
Although the Levi’s® brand has room to grow, it already enjoys a strong presence in India. Recently, the Levis® India marketing team teamed up with eight strong women across the country – influencers with diverse backgrounds but a common message of empowerment – for the successful #IShapeMyWorld campaign.
And LS&Co. isn’t the only company feeling the lure of India these days.
An annual report detailing emerging retail markets recently put India at the top of the list, beating out China for the first time. India’s expanding economy, booming consumption rates and growing middle class all make it an especially attractive prospect for retailers, the report explained.