Latest news with #ChipBergh
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
26-03-2025
- Business
- Yahoo
Pinterest (NYSE:PINS) Jumps 16% Post Q4 Earnings With Sales Surpassing US$1B
Pinterest announced a partnership with Taste of Home on March 6, 2025, for an exclusive video series, boosting its content reach and engagement on the platform. Over the last quarter, the company saw its share price rise by 15.82%, possibly influenced by this exciting collaboration and robust financial results. The significant year-on-year growth in Q4 2024 earnings, with sales reaching over $1.15 billion and net income jumping to $1.85 billion, underscored its financial strength. This performance occurred despite broader market fluctuations, including tech sector selloffs, yet Pinterest's strategic maneuvers seem to have resonated positively with investors. Pinterest has 3 possible red flags (and 2 which are potentially serious) we think you should know about. Uncover the next big thing with financially sound penny stocks that balance risk and reward. Pinterest has experienced a remarkable total return of 124.29% over the past five years. This performance is underpinned by several key developments. A crucial factor has been the company's strategic focus on AI and partnerships to enhance user engagement and drive revenue. Noteworthy collaborations include the partnership with VTEX initiated in June 2024, aimed at boosting social commerce capabilities. Additionally, a significant share buyback worth US$465.67 million concluded in September 2024, reflecting confidence in Pinterest's long-term value. Executive leadership also saw shifts, with former Levi Strauss CEO Chip Bergh joining as a board member in May 2024. Aligning with its growth strategies, Pinterest reported full-year 2024 sales of US$3.65 billion, transitioning from a net loss to a net income of US$1.86 billion. While the firm's stock underperformed both the broader US market and the Interactive Media and Services industry over the last year, these strategic moves and financial results illustrate its ongoing efforts to bolster long-term shareholder value. Understand Pinterest's track record by examining our performance history report. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NYSE:PINS. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
New York Times
03-03-2025
- General
- New York Times
Why Is Everything Dry-Clean Only Now?
In truth, I think the ubiquity of the dry-cleaning label is less about a conspiracy between fashion and launderers and more about fashion companies watching their backs. How to wash clothes, especially special clothes, is one of those skills that became … well, unfashionable back in the middle of the last century, when home ec classes went the way of the dodo. Given that many consumers are no longer schooled in the art of hand washing silk versus cashmere versus wool, or may simply feel it is not worth their time, it is likely that companies have decided it is wiser and simpler to advise dry cleaning rather than to include complicated care instructions that may not be followed. If that happens, dissatisfied customers may blame them when garments have shrunk, become discolored or been otherwise wrecked when they were placed in the washing machine by mistake. It's possible there are other reasons for the tags. Alexander Fury, the fashion features director of AnOther magazine, told me that he had spent time working for a young British designer before going into publishing and that the company always added 'dry-clean-only' tags to garments because they were the only tags the brand had. 'I think it was a cost-saving decision,' he said. That said, it is true that we generally over-clean our clothes and over-dry clean them. Since dry cleaning is done with chemicals, that is not good for the environment or, if you do it too often, the clothes. It is common wisdom, for example, that jeans rarely need to be washed. Chip Bergh, the former chief executive of Levi Strauss, once told me he never washed his denim, and Daniel Roseberry, the designer of Schiaparelli, told me he almost never washed his suits. Mr. Roseberry, who worked at Thom Browne for 10 years before joining Schiap, said, 'They told you never to dry clean your suits.' 'It shortens the life span of your clothes dramatically,' he said. 'I know most people wear designer clothes and dry clean them after every use, but it's crazy.' Instead, he advised simply spot cleaning a stain (the American Cleaning Institute has good suggestions for how) and then hanging the suit up and brushing it down as needed to remove dust and lint. I decided to poll some other fashion folks to find out how they thought about dry cleaning. There are no hard and fast rules, but many of them, like Nikki Ogunnaike, the editor of Marie Claire, said their approach to each garment depended on their own comfort level with washing. 'Cashmere, generally, I don't think needs to be dry cleaned,' Ms. Ogunnaike said, adding that she usually hand-washed her sweaters or used the lowest machine cycle. 'It really just depends on how sad I'd be if I got it wrong,' she said. Penny Martin, the editor of The Gentlewoman, went further. She never dry cleans anything, she said — 'even the fanciest things, with paillettes' — because she lives in the countryside and cleaners are an hour's drive away. She simply hand-washes garments in cold water (she uses Soak laundry soap) and then blocks everything carefully to dry. She also swears by the book 'Garment Goddess' by Laura de Barra for advice on how to clean all kinds of clothes. And she always looks pristine. For more advice, our sister publication Wirecutter has published a useful guide entitled 'All the things you don't need to dry clean even if the label says you do,' which pretty much sums up the situation, and is a great starting point for making an educated decision about your own wardrobe. Though, speaking of education, I think every high school should reintroduce home ec (and shop for that matter). After all, given the investment cost of clothes, laundry isn't really a chore — it's a science. Your Style Questions, Answered Every week on Open Thread, Vanessa will answer a reader's fashion-related question, which you can send to her anytime via email or Twitter. Questions are edited and condensed.
