- Levi’s filed paperwork to go public on Wednesday.
- The company has not confirmed the number or price range of the shares to be offered.
Iconic denim apparel maker Levi Strauss & Co is going public.
The company filed paperwork with the US Securities and Exchange Commission (SEC) early Wednesday morning and said in a press release that the number of shares to be offered and the price range for the proposed offering have not yet been determined.
The company will be listed on the New York Stock Exchange under the LEVI ticker.
Levi’s has hired Goldman Sachs and JPMorgan to serve as lead joint book-running managers for the offering.
Levi’s has traditionally been best known for its men’s jeans business. In the SEC filing, the company outlined plans to grow beyond this.
“We believe we have a long runway for growth in both our tops and women’s categories,” the company wrote in the filing.”In the longer term, we intend to increase our focus on expanding our other product categories such as footwear and outerwear.”
These categories represented 6% of its net revenues in fiscal 2018, according to the filing.
Levi’s also plans to grow its direct-to-consumer business by adding new brick-and-mortar locations and rolling out its online shop in new markets.
“We believe we have a significant opportunity to deepen our presence in key emerging markets, such as China, India and Brazil, to drive long-term growth,” the company said, adding that while China represents around 20% of the global apparel market, it currently makes up for just 3% of Levi’s net revenues.
Lastly, the store is doubling down on its value-orientated collections such as Denizen, which is sold at Target. These collections are profitable for the business. In fiscal year 2018 and in fiscal year 2017, net revenues from these brands increased 28% and 21% year over year, respectively, the company said.