Levi Strauss readies for prime time in the public markets
NEW YORK (AP) — Levi Strauss & Co., which gave America its first pair of blue jeans, is going public for the second time.
The 166-year-old company, which owns the Dockers and Denizen brands, previously went public in 1971, but the namesake founder’s descendants took it private again in 1985.
The stock is listed under the ticker “LEVI” and started trading today at $17, above an originally expected range of $14 to $16.
The New York Stock Exchange community, including more than 300 traders, suspended its “no jeans allowed” policy on today to celebrate Levi Strauss returning to the public markets. More than 120 employees from Levi’s global offices, including its CEO Chip Bergh, took part in the event, wearing jeans and donning white T-shirt with the company’s red bat wing logo.
The IPO comes as the iconic brand is staging a comeback under Bergh even as it faces increasing competition and a changing retail landscape. Women are opting for yoga pants or other comfortable athletic sportswear that can be worn every day. And the brand is also contending with a shrinking number of department stores, once its traditional venue of distribution.