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Following the news, Levi stock added less than 1% in the after-hours market, trading at $27.90.\u00a0<\/p>\n<\/div>\n
American clothing company Levi Strauss & Co (NYSE: LEVI) has entered into an agreement with activewear designer Beyond Yoga to acquire the yoga apparel brand. By acquiring Beyond Yoga, Levi, popularly known for its blue denim jeans, would be making its debut in the activewear market. Although Levi agreed to the acquisition on the 5th of August, the deal is expected to close in the fourth quarter of this year.\u00a0<\/span><\/p>\n Following the purchase agreement, Levi expects that the detail will pull in gains for the company. The jean makers said the acquisition would increase its net revenue for the next fiscal year by over $100 million. Therefore, the addition will add to its earnings.\u00a0<\/span> <\/p>\n Levi CEO Chip Bergh commented on the new development while\u00a0<\/span>speaking<\/span><\/a>\u00a0in a phone interview. The CEO stated:<\/span><\/p>\n \u201cWe\u2019ve been looking at acquisitions for quite some time, and the activewear space has obviously been very, very attractive. We see enormous growth potential here. It puts us as a company smack into the high-growth, high-margin activewear segment.\u201d\u00a0<\/span><\/p>\n<\/blockquote>\n Following the news, Levi stock added less than 1% in the after-hours market, trading at $27.90.\u00a0<\/span><\/p>\n When the transaction is completed, Beyond Yoga\u2019s co-founder and CEO Michelle Wahler will remain CEO. Also, Levi added that Beyond Yoga would be a standalone division within the jean maker business.\u00a0<\/span><\/p>\n Levi CEO Harmit Singh acknowledged that Beyond Yoga has grown over the past years. The CEO noted that the activewear brand had increased its revenue by more than 2X in the last three years. Also, Singh said that Beyond Yoga had constantly been growing its profitability.\u00a0<\/span><\/p>\n Beyond Yoga was established in 2005 by Jodi Guber Brufsky and Michelle Wahler. The brand emphasizes body positivity, inclusivity, and comfort. As of now, there are no financial details of its acquisition by Levi.\u00a0<\/span><\/p>\n Levi\u2019s CEO has mentioned some of the company\u2019s plans for Beyond Yoga. Bergh said the goal is to expand the activewear brand outside the US and open more physical stores. In addition, Levi is focusing on expanding Beyond Yoga\u2019s women\u2019s business which represents about one-third of the brand\u2019s sales. Berge said Levi would focus on increasing the women\u2019s business to 50%.<\/span><\/p>\n Furthermore, it appears the active market is about to become the new focus in the industry, with companies exploring the space. Earlier this week, Footwear manufacturing company Wolverine World Wide purchased women\u2019s activewear brand Sweaty Betty for $410 million.\u00a0<\/span><\/p>\n Bergh pointed to the shift in fashion trend as people prefer more casual clothing and relax wearing suits to their officers.\u00a0<\/span><\/p>\n \u201cAs some people start going back to the office, you\u2019re not seeing suits anymore, you\u2019re seeing people go into the office in more casual clothing, even athleisure-type products. And it\u2019s a truly global phenomenon.\u201d<\/span><\/p>\n<\/blockquote>\n Levi has surged more than 121% in the last twelve months and jumped 37.80% in its year-to-date record. Also, the company has risen 0.55% in the last five days. However, LEVI has lost 8.16% in the last three months and declined further by 2.50% over the past month.\u00a0<\/span><\/p>\n Read other business news<\/a> on our website.<\/p>\n Levi Strauss Moves to Purchase Beyond Yoga<\/span><\/strong><\/h2>\n
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Activewear Market Grows<\/span><\/strong><\/h2>\n
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