Step aside, yoga pants: Levi Strauss’ IPO plan shows jeans are back in the game.
The iconic American apparel company, which patented the first pair of blue jeans in 1873, filed a plan for an initial public offering Monday that would raise as much as $587.2m (€522.8m).
The company would sell 36.7 million shares, priced at $14 to $16 apiece, according to the regulatory document.
Denim has been fighting for its share of the casual clothing market with leggings and “athleisure”.
It’s been tough, with imports of elastic knit pants surpassing those of denim for the first time in 2017.
But the one-time staple of American closets has recently staged the beginning of a comeback: The jeans category in the US grew 2.2pc to $16.7bn in 2018 after four straight years of declines, according to data.