Latest news with #Bergh
Yahoo
5 days ago
- Business
- Yahoo
Levi Strauss Buying Beyond Yoga
Levi Strauss & Co. is going beyond denim. The jeans giant is buying Beyond Yoga, jumping into the premium athleisure market with a quickly growing brand based on body inclusivity. More from WWD Authentic Brands Group Is Buying Dockers for $311 Million Beyoncé and Levi's Reimagine the Brand's Classic Logo for 'Cowboy Carter'-inspired Shirts Beyoncé Knowles-Carter and Levi's Are Back With Chapter Three of Their Collaboration 'This is a really big day for us,' Chip Bergh, chief executive officer, told WWD, unpacking the company's first acquisition of an outside brand during his 10 years at the helm. The Los Angeles-based Beyond Yoga — which was founded in 2005 and makes athleisure wear in sizes from XXS to 4X — brings a new aesthetic and approach to Levi's, but fits squarely into the company's casual sweet spot. 'One of our key strategies is to diversify the business and this casualization trend has definitely been accelerated because of the pandemic — and not just here in the U.S., on a global basis,' Bergh said. 'This further positions us as a company, with a new brand in a new space.' While athleisure is a trend that has been championed and developed by a number of larger brands, especially Lululemon and Athleta, Bergh described the space as 'where the puck is headed' in fashion. The deal, he said, 'puts us into the activewear segment in a really credible way, much faster than if we were going to try to do it on our own from scratch.' Levi's has talked about bringing in an outside brand in a low-key kind of way for years and Bergh described an 'extremely disciplined' approach that demanded a deal that would have a strong strategic rationale, a compelling business case and a good cultural fit. 'Beyond Yoga ticks all the boxes,' he said. The cash deal is expected to close in the fourth quarter. While the price wasn't disclosed, Levi's did pull back the curtain on Beyond Yoga's financials a little. The brand is expected to add more than $100 million in sales to Levi's next year and be 'immediately accretive to gross margins.' Beyond Yoga more than doubled its revenues over the past three years while also boosting its profitability. Seventy-seven percent of the brand's sales are done through the web — the company's own site and through wholesale partners — and it has no stores. Retail is an opportunity Levi's can help Beyond Yoga jump into with both feet. Cofounder Michelle Wahler, who will continue to lead Beyond Yoga as CEO and report to Bergh, is looking forward to a Levi's boost. 'We know they're going to be able to help us,' Wahler said. 'They have intellectual capital. They'll have capital. They'll have the ability to help us expand into different markets. They're going to help us with the expansion [into] men's.' Athleisure might be a crowded market, but clearly Beyond Yoga is going to be a brand to watch even more closely. 'It's a competitive space, but we have always been very heads down and focused and we're authentic and values-led and I think that really resonates with the customer,' Wahler said. Jodi Guber Brufsky, founder and chief creative officer, added in a statement: 'I have always had one goal: to make women feel good in their bodies. Beyond Yoga was created with this mission in mind, and it has served as the touchstone of the company. It was important to me that when the time came, the company would move into the hands of someone whose values matched ours. We are so excited about this partnership and look forward to a successful future.' Harmit Singh, Levi's chief financial officer, said Beyond Yoga was going to operate as an independent division, a setup the company is going to use for its Dockers brand as well. 'They're empowered to run this the way they've run [it],' Singh said. 'I think that sets up a great business model for us as a company.' Having Beyond Yoga onboard will also bring some additional outside energy into Levi's. As Singh said, 'innovation and entrepreneurship — bring it.' The top fashion companies have generally sought to make an opportunity out of the pandemic's many disruptions, trimming and reworking operations, selling off side businesses and doubling down on digital capabilities. At Levi's, Bergh's efforts to power through — and eventually out — of the pandemic with a stronger company seem to be driving results. The denim maker's second-quarter profits of $65 million showed a massive bounce back from the lockdown losses of $364 million a year earlier. Sales increased 156 percent to $1.3 billion. The rebound is helped by a consumer recovery and market trends that the CEO sees as meshing well with the company's casual comfort zone. With Thursday's surprise deal, Levi's is joining a growing number of companies that are taking their pandemic evolution a step further by bringing in a new business. VF Corp. kicked the buying spree off last year, acquiring streetwear leader Supreme in a $2.1 billion-plus deal. But the trend has been heating up lately. Just this week, Wolverine World Wide agreed to buy Sweaty Betty for $410 million and Foot Locker Inc. cut two deals, agreeing to spend $1.1 billion to buy sneakerhead mainstay Atmos in Japan and the WSS chain targeting the Latine market in the U.S. The flurry of acquisitions accompanies a rush of initial public offerings on Wall Street — including the pending introductions of Authentic Brands Group, Rent the Runway, Warby Parker and more. Set that against the spate of bankruptcies last year that saw J.C. Penney Co. Inc., J. Crew Inc., Neiman Marcus Group, Brooks Brothers and others succumb to their creditors, and it's clear the fashion industry is in the midst of a major reinvention. And that is its own kind of disruption — another opportunity that Bergh and Levi's are going for, with the help of Beyond Yoga. More from WWD: Ralph Lauren Going on the Offensive Vans and Supreme Power VF Corp. Gains in Quarter Revolve Rallies Through Pandemic With 122 Percent Profit Gain Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange
Yahoo
11-03-2025
- Politics
- Yahoo
Jens Stoltenberg's shock return to Norway politics upends polls before election
By Gwladys Fouche OSLO (Reuters) - After Jens Stoltenberg answered questions in a routine session in Norway's parliament, the buzz outside the chamber was anything but normal. A class of visiting teenagers pointed excitedly at him. A cleaner stopped her rounds to take a photo. One of Norway's most recognisable figures internationally and often known just by his first name at home, Stoltenberg's impact on politics has been immediate since returning to the domestic sphere after leading the NATO alliance for a decade. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. His Labour party gained 10 points in opinion polls within days of his appointment as finance minister on February 4, meaning it could end up winning the country's election in September, an unthinkable prospect only weeks ago with voters disgruntled at the rising cost of living. The 65-year-old Oslo native was prime minister in 2000-2001 and 2005-2013. He says he does not seek the premiership again, currently held by his close friend and ally Jonas Gahr Stoere. Norwegian media has dubbed his return "Stoltenback". "I do think there is a Stoltenberg effect," said Johannes Bergh, head of the national election studies programme at the Oslo-based Institute for Social Research. "The reason why he's so popular, and almost revered now, is probably both because of the way he handled the terrorist attacks in 2011, when he was prime minister ... He has earned a lot of respect for that," he said. Stoltenberg led the nation in grief after far-right fanatic Anders Behring Breivik killed 77 people in twin attacks in Oslo and Utoeya - the worst acts of violence in Norway since World War Two. Bergh also pointed to Stoltenberg's leadership of NATO during the war in Ukraine and Donald Trump's first term as U.S. president. At NATO, he was nicknamed the "Trump whisperer" for his ability to convince Trump to stick with the alliance after he complained allies were spending too little on defence and threatened to pull out. 'NICE TO BE BACK' He handed over the reins as NATO secretary general in October, to former Dutch prime minister Mark Rutte, before Trump won November's U.S. election to secure a second term. Stoltenberg's appointment stunned the country as he had said after leaving NATO he was not returning to politics. Giddy Labour politicians posted social media reactions such as "Daddy is Home!" and "Jens we can" alongside pictures of themselves with him. His return coincided with the exit from the government in late January of the eurosceptic Centre Party, which had limited Labour's margin of manoeuvre. Bergh said that had contributed to the party's surge in the polls. "Their credibility as a governing party had suffered quite a bit. Now they are taking it back," Bergh said. Policy-wise, should Labour win in September, there would be an emphasis on continuing oil and gas exploration and a focus on close cooperation with the EU. Norway is not a member of the bloc but is part of the European common market. It would also be a rare example of an incumbent, non-populist, government getting re-elected worldwide. The man himself is relishing his return to the political fray. "It is very nice to be back in parliament," Stoltenberg told Reuters after speaking in the chamber. "Taking part in question time still feels a little unusual. It is my second time now, but I have managed to do it so far without making a formal mistake." One difference he notes after his time abroad is that Norway's politics is less polarised. "We are having proper debates, with real political disagreements, but our tone is more conciliatory, less polarised and less hateful as it is in other countries," he said. "It does not come automatically. We as politicians must show respect for one another ... We must take care of that."
Reuters
11-03-2025
- Politics
- Reuters
Jens Stoltenberg's shock return to Norway politics upends polls before election
Summary Appointment as finance minister, dubbed "Stoltenback", was surprise Labour party surges 10 points in polls ahead of September vote "Jens" popular for response to 2011 Breivik attacks, NATO role OSLO, March 11 (Reuters) - After Jens Stoltenberg answered questions in a routine session in Norway's parliament, the buzz outside the chamber was anything but normal. A class of visiting teenagers pointed excitedly at him. A cleaner stopped her rounds to take a photo. One of Norway's most recognisable figures internationally and often known just by his first name at home, Stoltenberg's impact on politics has been immediate since returning to the domestic sphere after leading the NATO alliance for a decade. His Labour party gained 10 points in opinion polls within days of his appointment as finance minister on February 4, meaning it could end up winning the country's election in September, an unthinkable prospect only weeks ago with voters disgruntled at the rising cost of living. The 65-year-old Oslo native was prime minister in 2000-2001 and 2005-2013. He says he does not seek the premiership again, currently held by his close friend and ally Jonas Gahr Stoere. Norwegian media has dubbed his return "Stoltenback". "I do think there is a Stoltenberg effect," said Johannes Bergh, head of the national election studies programme at the Oslo-based Institute for Social Research. "The reason why he's so popular, and almost revered now, is probably both because of the way he handled the terrorist attacks in 2011, when he was prime minister ... He has earned a lot of respect for that," he said. Stoltenberg led the nation in grief after far-right fanatic Anders Behring Breivik killed 77 people in twin attacks in Oslo and Utoeya - the worst acts of violence in Norway since World War Two. Bergh also pointed to Stoltenberg's leadership of NATO during the war in Ukraine and Donald Trump's first term as U.S. president. At NATO, he was nicknamed the " Trump whisperer" for his ability to convince Trump to stick with the alliance after he complained allies were spending too little on defence and threatened to pull out. 'NICE TO BE BACK' He handed over the reins as NATO secretary general in October, to former Dutch prime minister Mark Rutte, before Trump won November's U.S. election to secure a second term. Stoltenberg's appointment stunned the country as he had said after leaving NATO he was not returning to politics. Giddy Labour politicians posted social media reactions such as "Daddy is Home!" and "Jens we can" alongside pictures of themselves with him. His return coincided with the exit from the government in late January of the eurosceptic Centre Party, which had limited Labour's margin of manoeuvre. Bergh said that had contributed to the party's surge in the polls. "Their credibility as a governing party had suffered quite a bit. Now they are taking it back," Bergh said. Policy-wise, should Labour win in September, there would be an emphasis on continuing oil and gas exploration and a focus on close cooperation with the EU. Norway is not a member of the bloc but is part of the European common market. It would also be a rare example of an incumbent, non-populist, government getting re-elected worldwide. The man himself is relishing his return to the political fray. "It is very nice to be back in parliament," Stoltenberg told Reuters after speaking in the chamber. "Taking part in question time still feels a little unusual. It is my second time now, but I have managed to do it so far without making a formal mistake." One difference he notes after his time abroad is that Norway's politics is less polarised. "We are having proper debates, with real political disagreements, but our tone is more conciliatory, less polarised and less hateful as it is in other countries," he said. "It does not come automatically. We as politicians must show respect for one another ... We must take care of that."
