Levi looking to capitalize on industry turmoil that is bringing about years of change within a few months
DavidsTea seeks creditor protection while it closes stores and refocuses on online and wholesale sales
“What makes this so difficult is you don’t know what’s around the next corner,” he added. “So much of this is beyond our control — how long or whether there’s a second wave, when a vaccine is going to come.” He recognized the conservative approach risked losing sales. “We may leave money on the table. But if demand turns out to be stronger than we forecast, we’ll do our very best to chase into it.”The Levi’s tag is seen on pants hanging in a Levi Strauss store in New York City, U.S., March 19, 2019.Although the boom in working from home has spurred demand for casual wear, jeans have not proved as popular as sweatpants in lockdown.
He said that while the forced closure of Levi outlets and the third parties through which it generated about 56 per cent of net sales last year had hit the company, e-commerce sales in the second quarter has risen a quarter from a year earlier. Los Angeles-based Lucky Brand Dungarees announced it has filed for Chapter 11 bankruptcy as the company is millions of dollars in debt.Levi has long been expanding beyond men’s jeans, including into tops and accessories, yet it has recently made an unexpected diversification: face masks, styled on its bandanna.
“The days of fast fashion are gone,” Bergh said. “We were already seeing it with Gen-Z, but is going to go mainstream.”Bergh said Levi’s value brands, Signature and Denizen, would help protect the company if consumers reined in spending, although he said people were still paying for quality. “We took a 3 per cent price increase in the U.S. in January, and it’s been passed through.
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