Levi Strauss & Co.’s most profitable year since 2008 might have been even better if not for an “incredibly promotional” holiday season and a calendar that took a bite out of revenues and sharply reduced fourth-quarter earnings.
“I expected the quarter to be tough,” Chip Bergh, president and chief executive officer of Levi’s, told WWD, “but it turned out to be a bit tougher than I’d imagined. We’d already seen pre-holiday promotions kick in and it just kept getting worse as everyone struggled with declining traffic.”
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"