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USA:Levi Strauss wants to retain Dockers business |
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2004-10-21
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Levi Strauss & Co, the US jeanswear group, informed it has decided to keep its worldwide Dockers(R) casual clothing business, after determining that "there is more value in continuing to build the brand than to sell it".
The San Francisco-based Levi''s put Dockers on the block in May and has been reported to have received expressions of interest from various companies including US sportswear and lifestyle company Perry Ellis and Hong Kong-based trading company Li & Fung.
The New York Post reported that talks between Levi''s and investment company Vestar Capital Partners had collapsed after the two companies failed to agree on a price.
Levi''s Chief Executive Officer, Phil Marineau, said, "We said that we would only sell if we received what we believe is an appropriate offer, given the value and worldwide stature of the brand."
Vestar is believed to have offered approximately $800 million (€650 m) for the brand, which has annual sales of $1.4 bn.
Marineau said the company had identified a number of opportunities to make the brand more profitable and successful.
Dockers is the leading casual pants brand in the United States and has a worldwide presence with sales in more than 50 countries in North America, Latin America, Europe and Asia.
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