Levi's raises $623m ahead of NYSE debut

Levi Strauss CEO Talks IPO 'This Brand Stands For Everything Good About America'

Levi's raises $623m ahead of NYSE debut

Levi's will raise $623 million in the offering. The Haas family will maintain 80 percent of Levi Strauss & Co. This values the company at 8.7 billion dollars. The American denim brand had announced the pricing of the initial public offering of 36,666,667 shares at 17 dollars per share, however they traded this morning at 22.22 dollars per share.

1983: First European store is open, and within eight years, there are 527 stores throughout northern and eastern Europe.

The brand has since had its ups and downs in terms of its cultural relevance but has been seen as again rising under Chief Executive Charles Bergh, who joined Levi's in September 2011 after a lengthy stint at Procter & Gamble.

Levi's identified the growth in athleisurewear in the early 2010s as women shifted away from denim toward "soft, stretchy, comfortable material", he said. After 14 years, it was taken private by the Haas family, the descendants of founder Levi Strauss, in a $1.6 billion leveraged buyout. During its worst slump, the company's sales went from $6.8 billion in 1997, when it helped to drive the Casual Friday trend with its Dockers khakis, to $4.07 billion in 2004.

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The firm plans to use some of the proceeds to develop its presence in emerging markets, such as China, India and Brazil, and expand its product offering from a focus on men's jeans to more women's products and tops. Two decades later Strauss and tailor Jacob Davis were awarded a patent for cotton denim work pants with copper rivets in places such as the pocket corner to make. I came here to get this company turned around, to make the Levi's brand what it was when I was a kid, back the way I remembered it. Bergh said it's also looking at acquisitions too. Each Class A share will be entitled to one vote, while Class B shares will have 10 votes.

Bergh said the dual-class structure was a topic of conversation during meetings with investors as the company went on the roadshow.

The price surged more than 30% when trading opened in NY on Thursday, valuing the company at $8.7bn (£6.7bn). "We will run this business for the long-term".

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