Levi’s is considering returning to the stock market more than 30 years after it went private. The company is reportedly planning and IPO that values it at up to $5 billion sources told CNBC, despite many stores closing that sell Levi’s brands. As culture changes and sub-cultures spring up, is now the right time for Levi’s to become a publicly traded company once again?
Hip-hop’s love affair with jeans is as diverse and varied as the genre itself. Straight legged denim, like Levi’s classic 501 or 505 jeans, kept your favorite old school rappers looking fresh back in the ’80s . While current lyricists look to a more tailored approach from Levi’s, like its skinny jeans to keep their wardrobe fresh.
CultureBanx noted the denim maker has been around the block a time or two, they first went public in 1971, before family members took it back private in 1984 through a leveraged buyout. Levi’s is looking to raise between $600 million and $800 million for its new IPO and investors seem to think that’s a fair price. Since Levi’s bonds are publicly traded, which means it has to report quarterly earnings to the SEC, during the first nine months of the year revenue has gone up 16%. Net income jumped 44%, mainly due to demand for its jeans at both retail stores and online.
Long before today’s slim cuts or the baggy jeans of the 90s, Run DMC and Big Daddy Kane were rocking straight-legged jeans. In 2013, Jermaine Dupri paid homage to the memory of Kriss Kross member Mac Daddy by wearing his Levi’s backwards to the funeral, a style popularized by the group. Present day rappers have moved beyond just sporting the company’s jeans and are mixing Levi’s Trucker Jackets with other brands, as a way of taking a menswear staple and re-contextualizing it.