Levi’s, H&M report sharp fall in India Q3 sales as pandemic continues to hurt business, Retail News, ET Retail

Davida Erdahl

MUMBAI: Covid-linked lockdowns and stringent restrictions right after reopening amid mounting variety of infections have taken a toll on two of the most prosperous international clothing vendors in India – Levi’s Strauss & Co and Hennes & Mauritz. Both Levi’s and H&M claimed a sharp fall in their India revenues […]

MUMBAI: Covid-linked lockdowns and stringent restrictions right after reopening amid mounting variety of infections have taken a toll on two of the most prosperous international clothing vendors in India – Levi’s Strauss & Co and Hennes & Mauritz.

Both Levi’s and H&M claimed a sharp fall in their India revenues for the third quarter, dragging their over-all general performance in Asia.

H&M posted a fifty eight% drop in its India revenues at Rs 183 crore for the duration of the quarter ended August in opposition to Rs 433 crore a calendar year ago although Levi’s stated its business in India declined by $fifty one million, or Rs 380 crore, in the quarter ended September as quite a few states remained in government mandated lockdown.

“Asia as a area declined forty one%, mostly pushed by the simple fact that India, one of our biggest marketplaces in the area, was successfully closed in the complete quarter,” Harmit Singh, main economic officer at Levi’s, told buyers on Wednesday. “Excluding India, the remainder of Asia was down 24%,” he stated.

Though malls begun working in several elements of the nation due to the fact June, prime marketplaces like Delhi and Mumbai authorized reopening of malls only a month later. With suppliers being shut for most of the quarter and shoppers apprehensive to move out, ecommerce income picked up for the duration of the quarter. Corporations also undertook quite a few initiatives to make up for missing income offline.

Next Post

Levi Strauss to expand retail footprint, sees revenue above estimates, Retail News, ET Retail

  Levi Strauss & Co introduced options to develop its retail footprint and forecast a more compact-than-predicted drop in present-quarter revenue immediately after surging online sales aided the denim maker put up a surprise gain. Shares of Levi climbed 10% in prolonged trading on Tuesday immediately after the organization claimed […]