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Here are 1-3 brief analogies for Levi Strauss (LEVI):

• The Coca-Cola of blue jeans.
• The Nike of denim.

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• Jeans: Iconic denim trousers, most famously the 501® original.
• Apparel: A wide range of non-denim and denim clothing items including shirts, jackets, skirts, and shorts.
• Footwear: A collection of shoes, boots, and sneakers designed to complement their apparel.
• Accessories: Various items such as belts, bags, hats, and wallets that enhance an outfit.

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Levi Strauss & Co. (symbol: LEVI) operates a hybrid business model, selling its products through both wholesale and direct-to-consumer (DTC) channels. Based on its fiscal year 2023 financial results, the wholesale channel generated slightly higher revenue than the DTC channel ($3.212 billion vs. $2.987 billion, respectively). Therefore, Levi Strauss primarily sells to other companies (retailers) through its wholesale operations.

While Levi Strauss's public filings indicate that its top ten wholesale customers collectively accounted for approximately 35% of its net revenues in fiscal year 2023, the company does not publicly disclose the specific names of these individual major wholesale customers unless a single customer represents 10% or more of its total revenue, which none did in recent fiscal years.

However, based on general market knowledge and the widespread distribution of Levi's products, its major customers in the wholesale segment typically include large department store chains, mass merchandisers, and specialty apparel retailers. Examples of public companies that are major retailers known to widely stock Levi's brands globally and would likely represent significant wholesale customers include:

• Macy's, Inc. (symbol: M)
• Kohl's Corporation (symbol: KSS)
• Nordstrom, Inc. (symbol: JWN)
• Target Corporation (symbol: TGT)
• Walmart Inc. (symbol: WMT)
• Amazon.com, Inc. (symbol: AMZN) - as a retail platform selling Levi's products

It's important to note that these are illustrative examples of the types of major retailers that distribute Levi's products, rather than an officially disclosed list of Levi Strauss's specific major customers.

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Michelle Gass, President and Chief Executive Officer

Michelle Gass joined Levi Strauss & Co. in 2023 as president and was appointed Chief Executive Officer in January 2024. With over 30 years of experience in the retail and consumer goods industries, she previously served as the CEO of Kohl's for five years. At Kohl's, she led the company's evolution into an omnichannel retailer, building a multi-billion dollar e-commerce business and establishing brand collaborations, including partnerships with Sephora and Amazon. Prior to Kohl's, she spent over 16 years in leadership roles at Starbucks, including president of Starbucks EMEA, and held various senior leadership positions across product, marketing, and global strategy. At Starbucks, she was credited with making Frappuccino a $2 billion brand and served as chief strategist during the company's turnaround. She began her career at Procter & Gamble. Michelle Gass currently serves on the board of directors for PepsiCo.

Harmit Singh, Executive Vice President and Chief Financial and Growth Officer

Harmit Singh joined Levi Strauss & Co. in January 2013 as Chief Financial Officer. In January 2023, his role expanded to Chief Financial and Growth Officer, taking on responsibilities for corporate strategy and global retail real estate in addition to his finance duties. He is responsible for globally leading finance, the transformation office, investor relations, information security, strategic sourcing, real estate expansion, mergers, acquisitions and divestitures, and global talent hubs. Before joining Levi's, Harmit Singh was the Chief Financial Officer of Hyatt Hotels Corporation from August 2008 to December 2012, where he established a global financial structure and successfully took the company public. Prior to Hyatt, he spent 14 years at Yum! Brands, Inc. in various global leadership roles, including Senior Vice President and CFO of Yum Restaurants International and CFO of Pizza Hut U.S. Earlier in his career, he worked at American Express India and Price Waterhouse in India. Harmit Singh has served on the board of directors for Buffalo Wild Wings Inc., OpenText Corporation, and The AZEK® Company.

Jason Gowans, Senior Vice President, Chief Digital and Technology Officer

Jason Gowans was named Senior Vice President and Chief Digital Officer for Levi Strauss & Co., effective February 6, 2023. In February 2025, his role expanded to Chief Digital and Technology Officer, where he oversees both digital and enterprise technology functions to streamline processes and unify data. Before joining Levi's, he spent 10 years at Nordstrom in various marketing, data science, and digital roles, most recently as Senior Vice President of Digital Commerce, where he led the growth of Nordstrom.com and NordstromRack.com. He also served as Senior Vice President of Data Science and Analytics at Nordstrom.

Gianluca Flore, Executive Vice President and Chief Commercial Officer

Gianluca Flore was appointed Executive Vice President and Chief Commercial Officer, effective July 29, 2024. He leads the commercial, planning, and licensing operations of the Levi's® brand across all global channels, including stores, e-commerce, and wholesale. In February 2025, his scope expanded to include Licensing and Planning. Prior to joining Levi Strauss & Co., Gianluca Flore was the Chief Commercial Officer of Burberry, where he oversaw five regions and a network of over 400 stores. He also served as Burberry's president for the Americas and Global Retail Excellence and held leadership roles at luxury companies Kering and Bottega Veneta.

Karyn Hillman, Chief Product Officer

Karyn Hillman's role as Chief Product Officer expanded in February 2025 to include Merchandising in addition to Design. In this expanded role, she is responsible for the overall vision, priorities, and roadmap for Levi's® products and the brand. She is a veteran merchant with over three decades of design and merchandising experience, known for building global brands, creating compelling and innovative product assortments, optimizing go-to-market strategies, and driving results.

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The key risks to Levi Strauss's business operations and financial performance are primarily centered around evolving consumer preferences and intense competition, global supply chain vulnerabilities alongside macroeconomic and geopolitical pressures, and a continued reliance on the wholesale channel amidst a shifting retail landscape.

1. Changing Consumer Preferences and Intense Competition: Levi Strauss's strong identification with denim products makes it particularly susceptible to shifts in fashion trends and evolving customer preferences, potentially impacting its revenue streams if there is a significant move away from conventional denim. The company operates within a highly competitive apparel market, facing pressure from both established brands and emerging fast-fashion competitors. Its pricing strategy may also limit its appeal in cost-conscious markets, further intensifying competitive challenges.

2. Global Supply Chain and Macroeconomic/Geopolitical Risks: Operating a worldwide supply chain exposes Levi Strauss to various risks, including cost volatility, political instability, regulatory changes, and disruptions from natural disasters, trade disputes, and labor concerns. These factors can lead to increased production costs, delivery delays, and potential damage to the company's reputation. The global economic environment, characterized by inflation, energy price fluctuations, and tariffs (such as the 30% U.S. tariffs on Chinese imports and 10% Rest-of-World tariffs for 2025), directly threatens margins and profitability. Furthermore, currency fluctuations inherent in global operations can significantly affect sales and operational expenses.

3. Dependency on Wholesale Channel: Levi Strauss maintains a significant reliance on physical retail locations and the wholesale channel, which accounted for 48% of its net revenues. This dependency exposes the company to risks associated with third-party retailers, including potential store closures, bankruptcies, and a broader shift in consumer shopping behaviors towards direct-to-consumer (DTC) platforms. While the company is actively working to enhance its DTC capabilities, a substantial portion of sales through physical stores makes it vulnerable if buying trends continue to move online.

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The sustained and accelerating shift in consumer preferences towards comfort-first apparel, particularly athleisure and performance wear, poses an emerging threat to Levi Strauss. This trend, amplified by recent global shifts, could lead to a long-term erosion of traditional denim's market share and cultural relevance as a daily wardrobe staple. While Levi's is diversifying its product offerings and incorporating comfort features into its denim, a significant and enduring decline in the broader denim market could fundamentally challenge its core business model and dominant position in the category, similar to how new categories or technologies have displaced incumbents in other industries.

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Global Apparel Market

U.S. Apparel Market

Global Denim Market

North America Denim Market

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Levi Strauss & Co. (LEVI) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives:

1. Direct-to-Consumer (DTC) First Strategy and Omnichannel Expansion: The company is actively transforming into a DTC-first, best-in-class omnichannel retailer. This involves increasing the DTC channel to 55% of total revenue and tripling e-commerce sales by 2027. They are achieving this through positive comparable store growth, successful new store openings, strong e-commerce performance, and refurbishing existing locations into "NextGen Indigo" stores that offer an elevated, digitally streamlined consumer journey.
2. Diversification of Product Portfolio, particularly in Women's and Tops Categories: Levi Strauss aims to nearly double its women's and tops revenue by 2027. The company is injecting newness into its denim lifestyle assortment by expanding into various fits (including looser and low-rise trends) and launching new products to appeal to a broader customer base.
3. Brand-Led Growth through Impactful Marketing and Strategic Partnerships: Levi Strauss is focused on building brand momentum through impactful marketing campaigns and strategic collaborations. The "REIIMAGINE" campaign, for instance, has successfully driven equity gains and significant media impressions.
4. International Expansion and Market Share Growth: While facing some challenges in Asia, Levi Strauss sees strong growth in regions like Europe and is committed to expanding its global reach. The company has announced plans to accelerate growth in the East Asia Pacific region through new store launches and refreshes, alongside a broader strategy to grow market share across various geographies.
5. Leveraging Digital, Data, and AI Capabilities: To enhance business performance and consumer loyalty, Levi Strauss is investing in advanced digital, data, and artificial intelligence capabilities. These investments are intended to drive efficiency, foster innovation in product creation, and improve speed to market.

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Share Repurchases

• Levi Strauss had $440 million remaining under its current share repurchase authorization as of August 31, 2025, with no expiration date.
• The company launched a $120 million accelerated share repurchase program in the third quarter of 2025.
• Annual share buybacks were $175.7 million in 2022, $8.1 million in 2023, and $90.1 million in 2024. The company intends to use at least $100 million from the sale of Dockers® for share repurchases.

Capital Expenditures

• Levi Strauss's capital expenditures averaged $221.1 million from fiscal years 2020 to 2024, with a median of $227.5 million.
• Capital expenditures peaked at $313.6 million in November 2023 and were $130.4 million in November 2020.
• Expected capital expenditures for fiscal 2024 are approximately $290 million, primarily focused on investments in new stores, distribution capacity, and technology. Similarly, fiscal 2023 expected capital expenditures were around $280 million for new stores, distribution capacity, and technology. The company continues to concentrate capital investments in these areas to accelerate profitable growth and enhance in-store, e-commerce, and omni-channel capabilities.