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Levi Strauss restructures India operations
19
Sep '12
San Francisco-based US denim giant Levi Strauss & Co is restructuring its India operations, which includes closing non-profitable stores and putting a halt to further retail expansion of its Denizen brand.
 
“In India, we have over 400 stores operated by franchisees. We closed one flagship Levi’s store in India this Spring. The closure is part of the company’s routine business to evaluate the fleet,” Kris Marubio, Levi Strauss & Co. Spokesperson told fibre2fashion.
 
However, the spokesperson denied commenting on the company’s plans to stop selling Denizen brand in India. In the past, Levi’s has pulled out several brands from the Indian market, including Sykes, Dockers and Signature.
 
The denim maker has 2300 stores around the world, including franchisee stores and about 500 company-owned and operated stores. 
 
The company’s second quarter results reflected a challenging global economy, the continued impact of higher-priced cotton and the negative effects of currency. 
 
During the quarter ended May 27, 2012, Levi’s net revenues decreased 4 percent year-on-year on a reported basis and 1 percent y-o-y on a constant-currency basis, primarily reflecting a decline in sales in the Asia Pacific and Europe regions.
 
In its regional overview for the quarter, the company said its net revenues in Asia-Pacific decreased as key markets, such as India and China, faced increased economic challenges.  Both Levi’s and Denizen brand revenues declined during the three-month period.
 

Fibre2fashion News Desk - India


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