Chip Bergh, global CEO, Levi Strauss & Co., has said that in several countries, especially the company’s US home market, consumers are battening down the hatches and pulling back on spending due to the fear of recession. Compared with that, there’s a high degree of consumer optimism in India.
As quoted by Economic Times, a leading business daily, he said that political stability has helped Indians stay optimistic about the future, driving consumer demand as well as investment by multinationals.
He said that having a stable government has definitely helped. “It is part of what gives some of these consumers the confidence that we are living in a period of relative stability, especially relative to prior periods. In terms of investments from around the world, it creates an environment where you feel like your investments are relatively safe.”
He further added that “We believe we have got a very bright future in parts of Asia. I think we are going to see continued investment, maybe even accelerated investment in some of these markets. And I think India would be very, very high on the list.”
“There’s this greater resilience with consumers in some of the emerging markets as they are used to economic turmoil, political turmoil, disruption, and that builds resilience in them.”
Bergh said that Levi’s is slow fashion, “Just being self-critical, probably we don’t have enough fashion in our line today here in India. But what we have got is a brand that is highly differentiated versus others and so for the people that really want quality denim, they are still going to come to Levi’s.”
It is worth mentioning here that the company has posted net sales in India to Rs. 1,154 crore in FY ’22, as per the latest available filing.
