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Levi Strauss worth $ 6.5bn in stock market return



 Levi's

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Reuters

Levi Strauss will be worth about $ 6.5bn (£ 5bn) when the denim maker runs the stock market after 34 years away.

Shares in the inventory the blue jean have been priced at $ 1

7 each, just above the target range of $ 14-16.

Levi's has sold $ 623m worth of shares to institutional investors before the public is buying stock in the 166-year-old company on Thursday .

The Haas family, descendants of Levi Strauss, have sold shares worth around $ 357m.

The company will be listed under the symbol LEVI on the New York Stock Exchange and the stock has been priced at the top end of a $ 14 to $ 16 range.

Levi's ride 1980's denim trend to market

The firm also said: "We believe we have a significant opportunity to deepen our presen ce in key emerging markets, such as China, India and Brazil, to drive long-term growth. "Jeans have regained their popularity in recent years after the" althleisure "trend when people opted to wear jogging bottoms and leggings instead of denim

In 2017-18, global sales of jeans expanded by 4.3%, according to Euromonitor International, a market research provider.

In the US, after four years of falling demand, sales rose by 2.2%.

Founder Levi Strauss moved to San Francisco in 1853 during the California gold rush, opening a dry goods business. But he struck gold when in 1873 he and a partner received a patent on using rivets to make clothes – which increased their durability.


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