Global chief executives of more than half a dozen large consumer-facing companies – including Apple, Coca-Cola, Visa, , Levi Strauss & Co and Skechers – said on recent earnings calls that their India business grew at a double-digit pace in the September quarter. Several said they will continue their high pace of investment in the country.
Operations in India contrasted with those in China. Although a larger market, business there is still yet to reach normalcy due to continued Covid-related restrictions in some cities and towns. Growth in India has been a driving force for Asia excluding China, several of the CEOs said.
Offsetting China Sales
The Coca-Cola Company chairman and chief executive James Quincey told analysts that “India had a knockout quarter” and the company will “continue to invest strongly.”
Apple CEO Tim Cook said India business expanded in “very strong” double digits. Apple posted all-time high iPhone revenue in the country in the September quarter.
FMCG giant Unilever also said the company is making “significant investments” in its supply chain networks, including digitisation, in India.
Whirlpool Corp CEO Marc Bitzer said the US appliance maker is expanding in India, with a new production line for washing machines, and will continue the pace of investment. For jeans maker Levi Strauss & Co, the India business led growth in Asia, excluding China; it rose 68% last quarter.
American shoemaker Skechers Inc chief operating officer David Weinberg said wholesale sales in Asia Pacific increased, primarily due to distributors and operations in India, Singapore and the Philippines, partly offsetting the drop in China sales due to Covid lockdowns.
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