Levi Strauss & Co

Levi Strauss & Co. is a U.S.-based branded apparel company built around denim and casual wear, with Levi’s® as its core franchise. It designs, markets and sells jeans, pants, tops, outerwear and related accessories through wholesale, company-operated stores and e-commerce across roughly 120 countries.

14,1 %

61,7 %

9,2 %

−1,2 %

1.55

0.94

— Levi Strauss & Co
%
Levi’s® brand apparel94% Core denim-led apparel including jeans, pants, tops, shorts, skirts, dresses, jackets and accessories.
Levi Strauss Signature™4% Value-oriented denim and casual apparel sold mainly through mass retail channels in North America.
Beyond Yoga®2% Premium activewear and lifestyle apparel sold mainly in the United States through specialty and DTC channels.

Levi Strauss sells to consumers through its own stores and e-commerce, but a large share of revenue still comes from...

  • Wholesale retailersprimary

    Department stores, specialty retailers, mass channel retailers and franchise partners that buy branded apparel for resale and shelf space.

  • Direct-to-consumer shoppersprimary

    Customers buying through Levi’s company-operated stores and e-commerce for full-brand assortment and direct engagement.

  • Value-conscious denim buyerssecondary

    Consumers purchasing Levi Strauss Signature™ and, historically, Denizen for lower-priced denim and casual wear.

  • Activewear and lifestyle consumerssecondary

    U.S. shoppers buying Beyond Yoga for premium athleisure, studio wear and casual lifestyle apparel.

Levi Strauss sells products in approximately 120 countries and derives over half of net revenue from outside the United...

  • Products sold in approximately 120 countries worldwide
  • Over half of net revenue comes from outside the United States
  • Americas is the largest region and the core Levi’s market
  • Europe and Asia diversify growth and reduce U.S. dependence
  • Global sourcing and foreign subsidiaries support the operating model

The company is focused on strengthening Levi’s as a global brand, expanding direct-to-consumer, and broadening the...

01
Grow direct-to-consumer and digital channelsshort-term

Direct channels improve brand control, customer data and margin mix versus pure wholesale.

02
Strengthen the Levi’s brand globallymedium-term

Levi’s accounts for the vast majority of revenue and is the main driver of pricing power and loyalty.

03
Simplify the portfolio and exit non-core businessesshort-term

Focusing on core denim and activewear should reduce complexity and improve capital allocation.

04
Deploy capital into organic growth and shareholder returnsmedium-term

Management targets reinvestment, dividends and buybacks to support long-term returns.

Levi Strauss is exposed to fashion demand shifts, retailer concentration and macro pressure because its products are...

high

Wholesale channel concentration and retailer dependence

A meaningful share of revenue comes from third-party retailers that can reduce orders, shelf space or promotional support.

Scope
Top ten wholesale customers accounted for 24% of net revenue in fiscal 2025.
Materiality
high
high

Macroeconomic and consumer spending pressure

Apparel is discretionary, so inflation, recession and weaker foot traffic can reduce purchases and inventory turns.

Scope
Global consumer demand and retail traffic
Materiality
high
medium

Foreign exchange and trade-related volatility

More than half of revenue is generated outside the U.S., creating translation and operating exposure.

Scope
International sales and sourcing
Materiality
medium
medium

Supply chain and logistics disruption

The company depends on global manufacturing, shipping and distribution networks to keep stores and wholesale accounts stocked.

Scope
Factories, logistics providers and distribution centers
Materiality
medium
medium

Brand and sustainability reputation risk

Consumer trust and brand appeal are central to pricing power, and negative reaction to sustainability claims could hurt demand.

Scope
Brand-led business model
Materiality
medium
Revenue recognition by channel
Affects quarterly revenue timing and gross margin comparability
Inventory and markdown reserves
Affects gross margin and working capital
Goodwill and intangible asset impairment
Can create material non-cash charges
Income tax provision and valuation allowances
Affects effective tax rate and net income

: 28.4.2026