Blue jeans giant Levi Strauss & Co began trading on the New York Stock Exchange at $22.22 a share, after having priced its initial public offering at $17 a share the night prior.
Shares of blue jeans giant Levi Strauss & Co. surged 32 percent in their debut on the New York Stock Exchange, giving the company a market capitalization of $8.7 billion and demonstrating strong demand for owning a part of the jean giant.
The newly public company has an opportunity to improve market share with women beyond its core business of men's jeans. Its men's business accounted for $4 billion of Levi's $5.6 billion 2018 revenue and was a"key driver of its profits," the company has said. Those plans come even as the global jean industry has faced pressure from new competitors and alternatives like Lululemon Athletica leggings. Over the last 10 years, global jeans sales have climbed at a 3.5 percent compounded annual growth rate, slower than the entire apparel category, according to Bernstein analyst Jamie Merriman.
Some of the jean company's efforts over the past few years to solidify its connection with customers include a presence at U.S. festivals and and sporting events. In 2017, singer Beyoncé wore the brand's cutoff shorts for her headline performance at the Coachella music festival
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