Picture this: bankers wearing Levi’s jeans on Wall Street the day Levi Strauss & Co. announces its second go-around IPO!
According to NPR, Levi Strauss & Co. will be one of the most high-profile IPOs of the year. Levi Strauss first went public in 1971, before the family took it private again in 1985 due toslumping sales. It was public for a short 14 years out of the almost 150 year old company.
Levi Strauss & Co. is named after its founder, a Bavarian immigrant from Germany who started his company in the mid-1800s making bluejeans during the California Gold Rush. He patented his product in 1873 and the company has been run by Strauss’ descendants all these years.
The IPO filing did not disclose fiscal numbers for the company but the value of Levi Strauss & Co. is more than $5 billion as reported by CNBC. The company will be using LEVI as the ticker symbol on the New York Stock Exchange.
When the news that Levi Strauss & Cowould be going public was confirmed, market share prices for some its competitors like Urban Outfitters, Abercrombie & Fitch, Gap, American Eagle Outfitters and Buckle went roiling and into a decline. Levi Strauss also owns the Dockers and Denizen brands.
In the world of denim clothing, especially for men, Levi Strauss is the top brand worldwide. And in spite of the challenges of the last several years of customers looking to either smaller brands or off-brand jeans, leggings. jogging or yoga pants, it has remained a leader in denim bluejeans sales and revenue and popularity.
In Levi Strauss’ filing for IPO it said that People magazine touted Levi’s cut-off jeans as the ‘ultimate Coachella clothing item’ at the Coachella Music Festival in Indio, CA last year.
Also in its IPO filing it stressed that while Levi’s are most well-known for its men’s jeans and pants, it desires to change its overall reputation by selling other attire like shirts, sweatshirts, trucker jackets and even women’s clothing.
Levi Strauss also declared in its IPO filing that its men’s jeans is the top seller in not only the US but also in France, Mexico and the UK and with almost half of its revenue coming from Europe and Asia. Levi Strauss & Co.’s future goals are to increase its denim clothing market share in China, India an Brazil.