Jeans retailer Levi Strauss plans to go public: Report
Levi Strauss, the retailer best known for its iconic jeans, is planning to go public in early 2019, according to a report Wednesday.
The company is seeking to raise between $600 million and $800 million and is attempting to go public with a valuation of roughly $5 billion, CNBC reported, citing multiple sources familiar with the matter. The IPO could occur as soon as the first quarter of 2019.
Levi’s has reportedly tapped Goldman Sachs and JPMorgan Chase to oversee the IPO. The size and timing of the public filing could change, according to the report.
Levi’s representatives did not immediately respond to a request for comment.
The jeans company has been privately held since 1984 and is owned by descendants of Levi Strauss, a German immigrant who founded his namesake brand in 1847. The company manufactured the first-ever pair of blue jeans in 1873.
Earlier this month, Levi’s reported $1.4 billion revenue in its most recent fiscal quarter – a 10 percent increase over the same period one year before. Net income rose 45 percent to $130 million.
Chip Bergh has served as Levi’s CEO since 2011.