Levi's going public with $6.6 billion valuation

Should I leave or should IPO? Levi Strauss shares soar on New York debut

Should I leave or should IPO? Levi Strauss shares soar on New York debut

The New York Stock Exchange suspended its denim ban for the occasion, allowing traders to don jeans and T shirts. Jeans sales appear to be on an upswing in the United States (US), increasing 2.2 per cent to USD16.7 billion last year after four straight years of declines, according to data from Euromonitor.

The timing may be right for Levi's. China made up only 3% of its revenue in the last fiscal year, the company said, despite making up about 20% of the global apparel market.

Levi Strauss is also eyeing further expansion through new stores, further wholesale relationships and building out its online sales. "But denim brands have responded by adding stretch".

The Haas family, the descendants of Levi Strauss, will sell a small chunk of their shares and will continue to control the company.

"Things go in waves", said Managing Director of Luxury and Fashion at Coresight Research Marie Driscoll.

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Levi's identified the growth in athleisurewear in the early 2010s as women shifted away from denim toward "soft, stretchy, comfortable material", he said.

It's just one in a series of high-profile IPOs expected to hit United States markets this year. The brand helped to drive the 1990s trend of "Casual Fridays" in the workplace. Two decades later Strauss and tailor Jacob Davis were awarded a patent for cotton denim work pants with copper rivets in places such as the pocket corner to make.

Levi's said in a securities filing that it plans to use proceeds from the offering for general corporate purposes, as well as for potential acquisitions.

Levi Strauss and Jacob Davis receive a patent on the process of riveting trousers by the U.S. Patent Trademark Office. Levi's priced its IPO at $17 the night before. Each Class A share will be entitled to one vote, while Class B shares will have 10 votes. But he said that having a strong family influence ensured that Levi's strong values would remain. "We're here to run the business for the long term".

The price surged more than 30% when trading opened in NY on Thursday, valuing the company at $8.7bn (£6.7bn).

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