Blog: Premium jeans to drive Levi’s sales?
Leonie Barrie | 9 April 2008
US jeans maker Levi Strauss has pinned its growth over the past 10 quarters on a massive reorganisation that focused on the introduction of new products and expanding its retail network – and sees no reason why this strategy should change. However, the San Francisco-based company is now counting on growth in international markets such as China, India and Russia to offset a slowdown in the US economy.
First quarter profit rose 12% on a 4% increase in sales the company said yesterday, although most of the earnings increase was due to lower tax and debt payments. John Anderson, Levi's chief executive cautioned: “Looking ahead, we expect the operating environment to be tough.”
The company also confirmed to just-style today it is launching an updated line of its classic 501 jeans as part of a strategy to drive sales by focusing on more premium products. The line will feature better fabric and finishes - with higher prices to match. Anderson believes “that when times get tough [people] go to the brands they know and trust.” He also says: “As long as you bring innovation to the marketplace, I think the consumer will purchase.”
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