Levi’s ‘strongest it’s been in decades’
16/03/2022
Chip Bergh said: “At the beginning of the pandemic, we declared that we would emerge stronger from the COVID-19 crisis.
“In 2021, we beat all internal plans, delivered revenues ahead of pre-pandemic 2019, and the highest revenues since 1998, while also delivering record adjusted gross margins and adjusted EBIT margins.
“Our strategic initiatives accelerated the recovery, and our fiscal 2021 performance demonstrates the strength and resilience of our brands and the authentic connections we have with consumers.”
The group said Levi’s is the number one denim brand globally in both men’s and women’s and is bigger than the next three brands combined. In the US, Levi’s was number one in men’s and number two in women’s in 2021.
It introduced looser silhouettes, and sales were up 30% versus 2020 and slightly ahead of 2019.
Dockers had a good year, with sales improving each quarter of 2021. The brand continues to evolve, with international comprising nearly 50% of sales.
Beyond Yoga, acquired in September, will grow its men’s and maternity businesses and open its first store this year.
Levi’s ecommerce business grew 21% for the year and is profitable. Company-operated brick-and-mortar stores rebounded in 2021.
In 2021, it also launched an in-house machine learning bootcamp, with training in coding, machine learning and agile ways of working. More than 100 employees have completed the programme and are applying data science skills to accelerate the digital transformation.
Mr Bergh added: “I have greater conviction than ever that we are a better, stronger and more sustainable company than we were before the pandemic. We have a proven strategy and business model, a winning culture and incredible momentum headed into 2022.”
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