Latest media reports suggest, Italian brand Benetton has left denim brand Levi's behind to become the largest international fashion brand in the country. With the latter witnessing a sharp decline in revenues and demand last fiscal, Benetton surged ahead in the country.
While Benetton reported over 20 per cent year-on-year increase in its revenues for FY2013 at Rs 523 crores, Levi's revenues witnessed a steep downfall of 35 per cent at Rs 484 crores after the pulling off of its mass brand Denizen in India. On the other hand, along with revenues in retail sales, Benetton has already crossed the Rs 1,000-crores mark.
Levi's enjoyed leadership status with almost double the size of its nearest rival until last year. In FY12, it had reported sales worth Rs 741 crores as against Benetton's Rs 430 crores. However, when the global brands are lining up to enter the lucrative Indian market, Levi’s pulled its shutters on many of its stores while phasing out a few brands like Dockers, Sykes, Signature and Denizen in the country.
With brands like Zara posting robust growth, and Hennes & Mauritz and Massimo Dutti getting approval to open stores in India and existing ones like Benetton and Marks & Spencer announcing aggressive expansion strategy, competition is surely heating up in the organised retail market.