Levi’s keeps pushing forward
An expanded role for long-time employee Harmit Singh, now chief financial and growth officer, and a 7% rise in its year-on-year net revenues over fiscal 2022 were among the key highlights from US denim and casualwear group Levi Strauss & Co’s full-year results.
Despite a 6% contraction versus the year previous for the fourth quarter ended November 27, 2022, which resulted in net revenues of $1.6 billion for the three months, stronger periods of growth in earlier quarters meant the company still achieved net revenues of $6.2 billion for the full year, leading to a 7% increase over fiscal 2021.
Mr Singh acknowledged that the commercial environment had proven “very challenging” during the second half, but was positive that the diversified nature of the business, its brands’ positioning, continued direct-to-consumer momentum and “improving trends in Europe” were all cause for confidence.
Commenting on the decision to promote Mr Singh, president and chief executive officer Chip Bergh described the senior executive as having been a “trusted partner” and “integral part” of Levi Strauss & Co over the past decade and particularly praised his colleague's contribution to the company’s five-year growth plan as its "key architect".
Group flagship brand Levi's is celebrating 150 years since the initial release of its 501 jeans style this year.
Image: Levi’s via Instagram.
