Seven years into its sales slump, Levi Strauss & Co. turned its focus in 2004 from looking for revenue growth to simply stabilizing the bottom line. In December 2003, the San Francisco-based jeansmaker hired turnaround experts Alvarez & Marsal...
Seven years into its sales slump, Levi Strauss & Co. turned its focus in 2004 from looking for revenue growth to simply stabilizing the bottom line. In December 2003, the San Francisco-based jeansmaker hired turnaround experts Alvarez & Marsal to help put its house in order, and when the company reported 2003 financials in December, it became clear how disordered Levi’s had become — it took a $349 million net loss for the year.
Through the course of this year, the company unveiled a string of small changes:
In January, the firm began rolling out its Levi Strauss Signature brand to all Target Stores. This marked the mass market line’s first distribution outside of Wal-Mart and offered proof that Levi’s turnaround plans weren’t pinned too tightly on the Bentonville, Ark., behemoth.
In April, Levi’s disclosed it was pursuing a more aggressive licensing agenda, including deals with sourcing powerhouse Li & Fung Ltd.
In May, the company put its $1 billion Dockers brand on the block, saying that a sale could put a hefty dent in Levi’s $2 billion debt load. Five months later, the firm decided to keep the line, saying no one had bid what the company thought Dockers was worth. While Levi’s executives didn’t disclose their target price, sources in the financial community said they thought Levi’s was holding out for $800 million to $900 million.
In October, the company disclosed its focus on cost-cutting — and A&M suggestions — had allowed it to quietly cut its head count by more than 20 percent this year, to 9,500.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion