Levi Strauss aims to revive its past glory
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Founder Levi Strauss patented the blue jeans in 1873 but the brand itself was established in 1853, and today its jeans can be found in over 2,800 stores in 110 countries.
Although long enjoying iconic status, it has been difficult for Levi’s to consistently stay relevant and be at the centre of culture. It was 1996 when Levi Strauss reached its peak year, amassing USD7.1 billion of global sales – even bigger than Nike, which booked USD6.5 billion in sales that year.
Entering 2001, the denim maker saw its sales plummet to USD4.1 billion – which for the next decade became the norm. The challenge today is that customers in its biggest markets, the United States and Europe, are not out spending on retail. And CEO Chip Bergh sees that over the past decade, denim and apparel in general has been on the decline.
Questions & Answers
Q.What was Levi Strauss's peak sales year and how did it compare to Nike's performance at that time?
What was Levi Strauss's peak sales year and how did it compare to Nike's performance at that time?
Levi Strauss's peak sales year was 1996, when it achieved USD7.1 billion in global sales. This figure was larger than Nike's sales for the same year, which stood at USD6.5 billion.
Q.How significantly did Levi Strauss's sales decline after its peak, and for how long did this trend continue?
How significantly did Levi Strauss's sales decline after its peak, and for how long did this trend continue?
After its peak in 1996, Levi Strauss saw its sales plummet to USD4.1 billion by 2001. This lower sales figure then became the norm for the company over the following decade.
Q.What are the main challenges Levi Strauss faces in its current market, according to CEO Chip Bergh?
What are the main challenges Levi Strauss faces in its current market, according to CEO Chip Bergh?
CEO Chip Bergh identifies two key challenges: customers in the United States and Europe are not spending on retail, and the denim and apparel sectors have generally been in decline over the last decade.
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