Riding on the success of its equated monthly instalments (EMI) scheme, denim major Levi Strauss India is looking to join hands with four more banks to drive consumption growth.

Last year, the company had launched this unique EMI scheme in an attempt to fit into tight pockets of consumers during the reversionary phase. This scheme allows consumers to buy premium-priced denims on a zero per cent interest.

At present, the company has tie-ups with Axis bank and HDFC Bank, where a buyer can pay the total amount over three equal instalments using their credit card for a shopping value of a minimum of Rs 1,500.

“We are now in talks with four more major banks for expansion of this scheme as we are seeing a rise in the number of consumers availing this initiative,” said Shyam Sukhramani, director – marketing, Levi Strauss India.

He added that after the launch of this scheme, Levi’s has seen a 50 per cent rise in its average value of transaction. Sukhramani, however, did not disclose the number of customers or the percentage of overall customers availing this scheme.

Levi’s was the first retailer to offer such a deal in India and now many others including Provogue, Dr Batra’s, gold jewellery chain Tanishq and furniture retailer @home are following its footsteps.

Sukhramani said that through this scheme the company is trying to expand its loyal customer base as well as tap into the client base of these banks.

In addition, the denim major, which has already launched collaboration lines with Indian designer Tarun Tahiliani and has a collection designed by UK-based Damien Hirst, is also looking to bring in a collection by Jean Paul Gaultier next month in India.

The denim market in India, according to Sukhramani, is a 100 million pair market of which about 40 per cent is in the organised sector, while premium wear accounts for about 30 per cent of it. Levi’s operates in the premium segment with prices ranging from Rs 1,399 to Rs 34,000 at the upper end.

Levi’s denim ranges between Rs 1,500-4,000 compared to unbranded jeans that is available under Rs 500. Levi’s also offers mid-priced denim under the brand Levi’s Signature.