Levi’s plans stock market comeback | Business News
Jeans maker Levi Strauss & Co has disclosed plans for a return to Wall Street for the first time in three decades.
The 146-year-old company – one of the world’s biggest denim brands, credited with the invention of blue jeans – said in a regulatory filing that it planned to raise about $100m.
The number of shares and price range has yet to be determined. A CNBC report last November estimated that the company could be worth around $5bn.
Levi’s, which is controlled by the descendants of founder Levi Strauss, made its first pair of jeans in 1873.
It was publicly traded from 1971 until 1985 when it was taken private in a buy-out – the same year it launched its famous launderette advert for Levi’s 501s.
Shares will be listed on the New York Stock Exchange under the “LEVI” ticker symbol.
Latest annual results for the company showed sales up 14% to $5.6bn and profits flat at $281m.
Levi’s sells its products at more than 50,000 retail locations including 3,000 standalone stores and concessions across 110 countries – under the Levi’s, Dockers and Denizen brands.
It faces changing consumer tastes as many shoppers opt for cheaper store brands and “athleisure” wear, though some see signs of a growing demand for its offering.
Jane Hali, head of investment research firm Jane Hali & Associates, said: “Denim is doing much better than it has in the past and Levi’s has the ability to be mass market.”