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(Reuters) - Levi Strauss & Co hopes to sell $587 million worth of shares in an upcoming return to the stock market after three decades, which would value the inventor of blue jeans at $6.17 billion and give it a potful of cash to invest in broadening its product range. The company, which has 385.5 million shares outstanding, said it expects to offer 36.7 million shares priced between $14 and $16 per share in an initial public offering. “The valuation is fair and as expected. It is also a good time for Levi’s to go public due to the resurgence of 80s’ blue jeans fashion,” said Eric Schiffer, chief executive officer of California-based private equity firm Patriarch Organization.
Schiffer, who picks up stakes in new ventures, said he was interested in grabbing a share of Levi’s when it goes public, Demand for denim is surging, driven by new styles such as high-waist and pinstriped jeans, Smaller rivals American Eagle Outfitters and Abercrombie & Fitch last week posted strong results, boosted by robust denim sales, The 165-year-old company, however, aims to evolve into a full-fledged global lifestyle leader for both men and women, onyx scales of justice cufflinks To attract young customers, Levi’s also plans to expand its tailor shop and print bar that allow consumers to customize and put their own designs on the company’s branded jeans and T-shirts..
Levi Strauss, which also sells footwear, belts and wallets, reported annual net revenue of $5.6 billion in 2018. The descendants of founder Levi Strauss, the Hass family, will retain 80 percent of voting control in the company following the IPO, the filing showed. Levi Strauss joins a list of high-profile firms filing to go public this year, such as ride-hailing companies Uber Technologies and Lyft, photo-posting app Pinterest and home-renting service provider Airbnb. (reut.rs/2HiQaaP). Compared to tech unicorns such as Uber and Airbnb, investors see Levi Strauss as more of a short-term play due to frequently changing trends in the fashion industry, Schiffer said.
LONDON (Reuters) - The former CEO of Olympus, who blew the whistle on a $1.7 billion accounting scandal at the Japanese medical equipment maker in 2011, has won a London court battle over alleged wrongdoing linked to his 64-million-pound ($85-million) pension, Olympus’s British onyx scales of justice cufflinks subsidiary KeyMed sued Michael Woodford and former company director Paul Hillman in 2016, alleging they breached their duties as directors and trustees of a defined benefit pension plan and conspired to maximize their pension benefits by unlawful means..
London High Court Judge Marcus Smith said on Monday he saw no evidence of dishonest or improper conduct by the company veterans and said any failings identified by KeyMed could be attributable to “an innocent failure of process” in a busy company. “In these circumstances, I find that the defendants acted honestly and did not breach the duties .. dishonestly or at all,” he said in a judgment. Woodford, who joined KeyMed as a 20-year-old salesman in 1981 and rose through the ranks to become Olympus’s first foreign chief executive in 2011, was fired two weeks into the top job after persistently querying unexplained payments. He then alerted global authorities and the media.
Olympus initially said Woodford was fired for failing to understand its management style and Japanese culture, But the company later admitted it onyx scales of justice cufflinks had used improper accounting to conceal investment losses and restated years of financial results, In September 2012, the company and three former executives pleaded guilty in Japan to cover-up charges, Woodford and Hillman, described in the judgment as Woodford’s “right-hand man” who also left the company in 2011 after a 33-year career, said in a joint statement that they felt completely vindicated..
KeyMed, a surgical products maker in southern England, said it was disappointed and considering its legal options. “When KeyMed discovered that Mr Woodford was entitled to a pension transfer of over 64 million pounds, we had a duty to our stakeholders to investigate the circumstances in which such a large entitlement had arisen,” it said in a statement. Woodford has said his annual pension benefit rose to 993,000 pounds at the end of his 30-year Olympus career. This was converted into a capital sum of 64.5 million pounds and transferred to a Self Invested Personal Pension (SIPP), a UK government-approved scheme, with Olympus’s approval in 2014.
SEATTLE (Reuters) - Boeing Co’s top executive told employees on Monday he was confident in the safety of the U.S, manufacturer’s fastest-selling 737 MAX aircraft in the wake of two deadly crashes since October, An Ethiopian Airlines passenger jet bound for Nairobi crashed minutes after take-off on Sunday, onyx scales of justice cufflinks killing all 157 people on board and raising questions about the safety of the Boeing 737 MAX 8 model, The same type flown by Lion Air crashed off the coast of Indonesia in October, killing all 189 on board..