Levi Strauss & Co., the ubiquitous U.S. jeans maker, is looking to raise US$600 million to US$800 million in an initial public offering, CNBC reported, citing people with knowledge of the matter.
The San Francisco-based company is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. on plans to go public in the first quarter of 2019, CNBC reported. The company is aiming for a valuation of more than US$5 billion, according to the report.
Representatives for Levi Strauss, Goldman Sachs and JPMorgan declined to comment.
Levi’s American blue jeans were born in San Francisco in the 1870s, after the peak of the California gold rush. The company, which also owns the Dockers brand, was credited with bringing denim to the masses in the years following World War II.
Dominant in jeans for almost a century, Levi’s has contended with newcomers in recent years as competitors have entered the market with lower costs and luxury alternatives. The athleisure wave -- and the popularity of yoga pants -- has forced Levi’s to adapt by adding stretch and contouring to its jeans.
Today, the company, which is closely held by descendants of the family of Levi Strauss, sells its apparel across the globe and reported 2017 sales of US$4.9 billion.