The stock, which is listed under the ticker “LEVI,” opened for trading Thursday at $22.22, above the $17 offering price and blowing past the originally expected range of $14 to $16. As of Thursday's close, shares popped nearly 32 per cent, closing at $22.41 per share. That gave Levi's a market value of $8.64 billion, according to FactSet.
More than 120 employees from Levi's global offices, including its CEO Chip Bergh outfitted in denim, were on the trading floor. On Wednesday, the NYSE even Tweeted, “Tomorrow we'll be in our 501s.” “I would like to say we're the original Silicon Valley startup,” said Bergh, dressed in 501 jeans and a denim jacket, during an interview with The Associated Press at the New York Stock Exchange on Thursday. “We started during the Gold Rush, and we are still headquartered in San Francisco. And I do think that that story has resonated with investors.”
At the same time, Levi's has been expanding online and juggling between selling to low-end and high-end stores. Bergh told AP that it's capitalized on its resurgence and that even as the brand saw 300 store closures, Levi's enjoyed an 8 per cent growth in sales to its wholesale accounts. “Things go in waves,” says Marie Driscoll, managing director of luxury and fashion at Coresight Research. “The athleisure trend made denim not as comfortable. But denim brands have responded by adding stretch.”
Source: Financial Digest (financialdigest.net)
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