Levi Strauss racked up $5.6 billion in sales last year. But chief executive Chip Bergh has a mission to make Levi’s a $10 billion brand one day.
To hit that ambitious target and match up against bigger rivals, Levi’s needs a new playbook.
Levi’s hopes tapping the public market will fund its efforts to expand in the United States and overseas, make new types of clothing and footwear and acquire hip brands.
The 165-year-old company that invented the blue jean re-entered the public market on Thursday. It was the first time the LEVI ticker was listed for trading on the New York Stock Exchange in 34 years.
Why Wall Street is buzzing about Levi’s
Levi’s believes it has a path forward by moving beyond jeans.
“We have significant opportunity to grow by expanding beyond our core business,” the company said in a regulatory filing last month. Levi’s wants to “develop leading positions in categories outside of men’s bottoms.”