×
41 491
Fashion Jobs
ROSS STORES
Senior Business Analyst, Microstrategy
Permanent · New York
ROSS STORES
Senior Business Analyst
Permanent · New York
ROSS STORES
Area Loss Prevention Manager (Alpm)
Permanent · Pittsburg
ROSS STORES
Business Analyst
Permanent · New York
AVEDA
Aveda Advisor - 15 Hrs - Shops at Columbus Circle - New York,ny
Permanent · New York
SHOW MY LINE
Women's Luxury Ready-tO-Wear Production Manager
Permanent · NEW YORK
ESTÉE LAUDER COMPANIES
Latam E-Commerce Project Manager/Product Owner
Permanent · New York
MICHAEL KORS RETAIL INC
Sales Supervisor, Crabtree Valley, Raleigh nc
Permanent · Raleigh
GAP
General Manager - Lenox Square (Kids & Baby)
Permanent · Atlanta
GAP
General Manager - Northbrook Court
Permanent · Northbrook
GAP
General Manager- Stonebriar Mall
Permanent · Frisco
GAP
General Manager - Roseville Galleria
Permanent · Roseville
GAP
General Manager - Central Texas Marketplace
Permanent · Waco
GAP
Merchandise Planner - Boys - Outlet
Permanent · New York
GAP
Unassigned General Manager - Greater Nashville
Permanent · Nashville
ALICE AND OLIVIA
Sales Supervisor - Cabazon Outlet
Permanent · Cabazon
TARGET CORPORATION
Owned Brand Product Design Director, Pets
Permanent · MINNEAPOLIS
LA MER
Manager, Global Supply Chain Operations - Inventory
Permanent · New York
MAC
Business Development – Key Consumer Manager, Mac
Permanent · New York
H&M
Retail Flagship Visual Manager
Permanent · Chicago
JBCSTYLE
Art Director
Permanent · NEW YORK
JBCSTYLE
Sales Operations Coordinator
Permanent · NEW YORK

Levi Strauss valued at $6.6 billion as IPO prices above target

By
Reuters API
Published
today Mar 21, 2019
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Levi Strauss & Co fetched a higher price than expected in its initial public offering (IPO) on Wednesday, selling $623.3 million in shares as the U.S. jeans maker looks to return to the stock market after 34 years as a family-owned company.


In the IPO, $462.4 million worth of stock was sold by existing stockholders and the company sold $160.9 million in shares - Reuters


The success of the IPO underscores the diverging fortunes of retail companies over the last few years. Vendors like Levi with consistently popular offerings have flourished as they reach more shoppers through online channels, while tens of thousands of brick-and-mortar stores have closed under pressure from e-commerce giants such as Amazon.com Inc.

With the stock market hovering near all-time highs, Levi said it priced its IPO at $17 share, just above its target range of $14 to $16, valuing the company at about $6.6 billion.

The company, which claims to have invented blue jeans in the 19th century and is named for the man who founded it in 1853, is set to debut on the New York Stock Exchange on Thursday under the ticker “LEVI”.

In the IPO, $462.4 million worth of stock was sold by existing stockholders and the company sold $160.9 million in shares.

Levi is setting the stage for a bumper year for IPOs that will also feature the likes of ride-hailing startups Lyft Inc and Uber Technologies Inc later this year. IPOs in the U.S. amassed to $60.8 billion in 2018, up 23 percent from a year earlier and the highest since 2014, according to data provider Dealogic.

The popularity of denim is surging, driven by new styles such as high-waist and pinstriped jeans. Earlier this month American Eagle Outfitters Inc and Abercrombie & Fitch Co posted strong results boosted by denim sales.

Levi reported net revenue of $5.8 billion for the 12 months ending Nov. 25, up from $4.9 billion the year before. Net income was $285.2 million, only slightly up from $284.6 million a year earlier.

The Haas family, the descendants of Levi Strauss, will sell a small chunk of their shares and will continue to control the company. They took it private in 1985 in a $1.6 billion leveraged buyout. Levi Strauss first went public in 1971.

Founder Levi Strauss moved to San Francisco in 1853 during the California gold rush, opening a dry goods business.

The company he founded has laid claim to inventing blue jeans when Strauss and a partner in 1873 received a patent on using rivets to make clothes, a practice that still distinguishes the company’s jeans. Over the years the company added new lines, including the office casual Dockers brand.

The proceeds from the IPO will boost Levi Strauss’ coffers to invest in broadening its product range.

Goldman Sachs, JPMorgan, Bank Of America and Morgan Stanley are among the main underwriters of the IPO.

© Thomson Reuters 2019 All rights reserved.