Jeans maker Levi Strauss files for NYSE comeback

NEW YORK — Jeans maker Levi Strauss & Co. on Wednesday filed documents to list itself on the New York Stock Exchange (NYSE), seeking to return to public markets after more than three decades.

Levi’s, one of the world’s biggest denim brands and the inventor of blue jeans, faces rapid changes in consumer tastes as people shop for cheaper store brands and athleisure apparel.

Last year, rival VF Corp. said it would spin off its less profitable Wrangler and Lee jeans business into a publicly traded company, allowing it to focus on Vans and its outdoor wear businesses to help improve profit margins.

The 145-year-old company, which intends to list as “LEVI,” set a placeholder amount of $100 million to indicate the size of the initial public offering (IPO). The final size of the IPO could be different.

The San Francisco, California-based company could be valued at around $5 billion when it debuts, a CNBC report said in November.

Levi’s is controlled by the descendents of founder Levi Strauss. It is required to post quarterly earnings with US regulators as it its Japanese arm, Levi Strauss, is publicly traded in Tokyo.

In its latest report, the American apparel company said sales rose nearly 9% to $1.59 billion. Its filings also show that it has halved its debt load over the last two years.

Levi’s sells its products in more than 50,000 retail locations, including about 3,000 standalone stores and shops-in-shops across 110 countries. It sells apparel under the Levi’s, Dockers and Denizen brands.

Jane Hali, head of investment research firm Jane Hali & Associates, said she thinks it is a good time for Levi’s to go public, as jeans — particularly fashion jeans — seem to be resonating with consumers.

Multi-brand specialty retailer American Eagle Outfitters, Inc., for instance, has invested heavily in refreshing its jeans collection and has grown its total US jeans market share to 7%, second only to Walmart, Inc. at 10%, according to a Cowen and Company research note published Jan. 15. —