Electronic gadgets, home appliances, furniture, cars and flats - is that all you thought can be bought in EMIs?
Then revise your shopping budget quickly because soon you will also be able to buy your favourite pair of jeans in equated monthly instalments (EMI).
Encashing on the upcoming festive season, premium apparel brand Levi’s, known for being costly and aspirational, has come up with a unique offer - buy merchandise worth a minimum of Rs 1500 and pay in three equated monthly instalments (EMI) at zero per cent interest.
To be launched in mid-September, the scheme would be the first of its kind in the country.
“This is the first time we are introducing this concept in India and this is a front-runner for the entire jeans wear industry in the country,” Levi Strauss India’s Managing Director Shumone Chatterjee told PTI.
In the first phase, the EMI facility will be available at more than 130 Exclusive Levi’s stores in top-9 markets across India by mid-September, he added.
The cities where the EMI option would be made available are – Delhi-NCR, Mumbai, Bangalore, Ahmedabad, Chandigarh, Chennai, Kolkata, Hyderabad, and Pune.
Explaining the reason behind the scheme, he said “This initiative takes us closer to consumers in the country and enables them to have easy access to the most iconic jeans wear brand in the world.”
It opens up the brand to a large number of people who today already know and aspire for Levi’s, but may not have accessed to it yet, he added.
While rejecting suggestions that the promotional technique is a strategy to counter the effects of recession, Mr. Chatterjee said that out of the 4-5 per cent of organised retail market in India, only 20 per cent lies in the domain of apparel and lifestyle, leaving huge scope for growth.
Earlier this year, the company had launched the scheme on an experimental basis to test the waters before going in for a nation-wide launch.
“This program was test-launched in Bangalore in June this year, where it met with much success, prompting immediate national scale-up. We got significant positive feedback from consumers and retailers,” he said.