Levi Strauss & (US:LEVI) MINT·2025-09-09 15:44Core Insights - United Colors of Benetton is experiencing significant leadership changes in India, with the CEO, commercial director, and marketing head departing the company [1][2][3] - The company is undergoing a global restructuring plan aimed at reducing losses and closing stores due to increased competition and sluggish demand [3][4] - Despite a revenue decline of 6.6% to ₹874.06 crore in FY24, Benetton India reported a substantial profit increase to ₹90.36 crore from ₹9.94 crore in the previous fiscal year [6][7] Leadership Changes - Ramprasad Sridharan, the CEO and managing director, is leaving to pursue new opportunities, while Kaveri Nag, head of marketing, has already exited [2] - Nikhil Upadhye, the commercial director, left in March to join Ola Electric [2] - More departures are expected within the sales and online commerce teams as part of the restructuring [3] Financial Performance - The company faced challenges in 2023 due to the end of post-pandemic recovery, geopolitical tensions, inflation, and currency volatility [4] - A new business plan for 2024-2029 has been prepared to guide the company's economic recovery [4] - Cost reductions, particularly in material costs, have led to improved profit margins despite declining revenues [7] Market Position and Strategy - Benetton has a strong presence in India with over 300 exclusive stores and online sales [6] - The company remains committed to the Indian market, viewing it as a priority for growth despite recent challenges [11] - The global restructuring has led to concerns about future investments in India, with employees expressing uncertainty [9][8] Competitive Landscape - The retail environment is becoming increasingly competitive, with established retailers and homegrown brands intensifying competition [13] - Other retailers, such as Levi Strauss & Co. and Arvind Fashions, have also seen top management changes in the past year, indicating a broader trend in the industry [14]