Levi Strauss & Co. shares surged by more than a third on their first day of trading after the 165-year-old company returned to the public market. The question is, will the second time be the charm?
Levi Strauss & Co. shares surged by more than a third on their first day of trading after the 165-year-old company returned to the public market on Thursday.The San Francisco-based company, which went private in 1985, has plenty of reasons to celebrate on its first day back on the public market. Its revenue in fiscal 2018 jumped 14% to $5.6 billion, the fastest increase in more than 25 years. It also closed the year that ended Nov.
“We are creating the denim wave,” Bergh said on CNBC on Thursday. “It’s sustainable for the long term. We got a fair runway for growth. … Consumers at the end of the day love an emotional attachment to the brand.” Even though Levi's has increased its brick-and-mortar footprint and online sales, wholesale sales to department stores and other customers last year still represented almost two-thirds of its revenue, with its top 10 customers making up 27% of its sales.
As the athleisure trend continues to sweep the market, benefiting the likes of Lululemon, industrywide denim sales have lagged behind the broader apparel market. Euromonitor data shows that U.S. sales of jeans declined 11% the past five years as the overall apparel market rose 10%. Levi's premium-priced denim rival Diesel recently filed for bankruptcy protection.
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