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Levi Strauss & Co. appoints new chief commercial officer

EditorLina Guerrero
Published 04/11/2024, 05:29 PM
© Reuters

SAN FRANCISCO - Levi Strauss & Co. (NYSE: NYSE:LEVI) has announced the appointment of Gianluca Flore as its new executive vice president and chief commercial officer, set to begin on July 29. This move comes as part of the company's strategy to focus on direct-to-consumer (DTC) sales and expand its international presence.

Flore, who will report directly to President and CEO Michelle Gass, joins Levi's executive leadership team with a mandate to oversee the commercial operations of the Levi's® brand across various channels, including retail stores, online platforms, and wholesale partnerships.

Gass expressed confidence in Flore's ability to drive growth, citing his extensive background in the fashion industry and his track record with high-profile brands. "His depth of experience in driving market relevance and consumer-centric, operational excellence makes him the right leader to help us usher in the company's next chapter of stakeholder value creation," Gass stated.

With over two decades of experience in the luxury apparel and lifestyle sector, Flore comes from Burberry, where as chief commercial officer, he managed operations across five regions and over 400 stores. His previous roles include leadership positions at Kering (EPA:PRTP)'s Brioni and Bottega Veneta, where he was instrumental in achieving significant revenue growth.

Flore expressed his enthusiasm for joining Levi Strauss & Co., a company he regards as a cultural icon and category leader in denim. He aims to reinforce Levi's position as the definitive denim lifestyle leader on a global scale.

Levi Strauss & Co., known for its Levi's®, Dockers®, Signature by Levi Strauss & Co.™, Denizen®, and Beyond Yoga® brands, operates in over 110 countries. The company's 2023 net revenues reported at $6.2 billion, reflecting its status as a major player in the apparel industry.

InvestingPro Insights

As Levi Strauss & Co. (NYSE: LEVI) ushers in a new era of commercial strategy with the appointment of Gianluca Flore, the company's financial health and market performance offer additional context for investors. With a market capitalization of $7.9 billion, Levi's is a significant entity in the apparel industry. The company's commitment to shareholder returns is evident in its consistent dividend growth, having raised its dividend for five consecutive years—an important indicator of financial stability and management's confidence in the company's future.

InvestingPro Tips highlight that while analysts have revised their earnings expectations downwards for the upcoming period, Levi's has maintained profitability over the last twelve months and is predicted to remain profitable this year. The company's liquid assets surpassing short-term obligations and a moderate level of debt suggest a solid financial foundation to support its strategic initiatives.

Key InvestingPro Data metrics for Levi Strauss & Co. include a Price/Earnings (P/E) Ratio of 21.27 on a last twelve months basis as of Q1 2024, indicating a premium valuation relative to earnings. The Price/Book (P/B) multiple stands at 4.0, which may suggest a higher valuation compared to the company's book value. Investors have seen a strong return over the last three months, with a 27.39% price total return, reflecting positive market sentiment and potentially the effectiveness of the company's strategies.

For more detailed analysis and additional InvestingPro Tips, investors can visit InvestingPro, where they will find over 10 tips to guide their investment decisions. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enriching your investment toolkit with expert insights.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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