As the pandemic wanes and Americans start to go out and update their wardrobes, jeans giant Levi Strauss & Co. is seeing a resurgence in denim, and a strong future ahead.
This photo provided by Levi Strauss & Co. shows the company’s CEO Chip Bergh. As Americans start to go out and update their wardrobes, jeans giant Levi Strauss & Co. is seeing a denim resurgence. That has helped the company upgrade its fiscal first-half outlook and has pushed shares of Levi’s more than 30% higher so far this year.(Jessica Chou/Levi Strauss & Co. via AP
NEW YORK (AP) — As Americans start to go out and update their wardrobes, jeans giant Levi Strauss & Co. is enjoying a resurgence in denim.
That has helped the company upgrade its fiscal first-half outlook and has pushed shares of Levi’s about 30% higher so far this year.
Still, the San Francisco-based company, like many others, faces lots of uncertainty in the coming months as labor shortages and rising cotton prices add costs. The company is also confronting a raging pandemic in many areas outside of the U.S. International business accounts for more than 50% of its $4.45 billion in annual sales. In Europe, about 30% of its stores are still closed.
Levi’s CEO Chip Bergh, however, believes the 168-year-old company, which sells in more than 100 countries and operates 1,000 stores, is stronger coming out of the pandemic. It has used the health crisis as an opportunity to double down on investments that were first laid out when Levi’s returned to the public market in 2019, Bergh said. That included diversifying beyond denim to tops, expanding online and selling more directly to the consumer. In fact, the company’s first ever app that Levi’s launched in late 2019 in North America has resonated well during the health crisis.
The Associated Press recently interviewed Bergh in a wide-ranging interview. The interview has been edited for clarity and length.
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