Levi Strauss shares tank 10% as company considers possible sale of Dockers brand

📆 03/10/2024 09:21:00
📰 globebusiness

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Levi,Cent,Quarter

The denim maker has announced a strategic review of Dockers, a maker of chinos and khakis, which has been hurt by cautious spending in Europe and the U.S.

said on Wednesday it was considering a sale of its underperforming Dockers brand and forecast fourth-quarter revenue below expectations, sending its shares down 10 per cent in extended trading.

Levi is in the midst of a turnaround strategy to operate mainly by offering tighter assortment that focuses on core denim clothing and achieve major sales through its direct-to-consumer stores at full prices. As part of the strategic review process of Dockers, the company has retained Bank of America as its financial adviser and has not set a deadline or definitive timetable for its completion.

“Dockers is a brand that has been out of step with consumer trends for some time ... She is positioning Levi Strauss to stick to what it knows best,” said eMarketer analyst Zak Stambor.

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