Nov 15, 2018

Levi's preps IPO with valuation at $5 billion

Levi Strauss logo. Photo: Gary Hershorn/Getty Images

Levi Strauss & Co. is prepping an IPO that could raise between $600 million and $800 million at a valuation of around $5 billion (or perhaps $5.01 billion?), according to CNBC.

Why it matters: There aren't too many 100 year-old companies around, let alone 145-year old companies that remain iconic and successful. Plus Levi's isn't only a fashion trailblazer, it has also completed one of the largest-ever IPOs at the time of issuance ($50m in 1971) and a then-massive take-private leveraged buyout ($1.7 billion in 1984).

The bottom line: "After profit declines in recent years, Levi's is seeing its top and bottom lines rise once again," CNBC's Leslie Picker writes.

By the numbers: "On Oct. 9, Levi's reported revenue of $1.4 billion for the quarter ended Aug. 26, a 10% increase from the same quarter a year ago. Net income was $130 million, representing a jump of 45%.

  • "During 2017, Levi's posted revenue of nearly $5 billion. The company has also cut its debt load in half over the last two years."

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Boris Johnson admitted to hospital as coronavirus symptoms persist

Photo: Ray Tang/Anadolu Agency via Getty Images

U.K. Prime Minister Boris Johnson has been admitted to the hospital for tests as a "precautionary step" as his coronavirus symptoms have continued to persist 10 days after testing positive, according to a Downing Street spokesperson.

Why it matters: Johnson was the first major elected leader to test positive for the coronavirus. He was admitted on the same day that Queen Elizabeth II gave a rare televised address to the nation, urging the British people to confront the pandemic with the same "self-discipline" and "resolve" that has defined the country in times of crisis.

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  2. U.S.: Total confirmed cases as of 4 p.m. ET: 325,185 — Total deaths: 9.267 — Total recoveries: 16,820Map.
  3. Public health latest: CDC launches national trackers and recommends face coverings in public. Federal government will cover costs of COVID-19 treatment for uninsured. Surgeon general says this week will be "our Pearl Harbor, our 9/11 moment."
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. Biden says DNC may have to hold virtual convention.
  5. States updates: New York Gov. Andrew Cuomo said the state is "literally going day-to-day" with supplies.
  6. Work update: Queen Elizabeth II urges the British people to confront pandemic with "self-discipline" and "resolve" in rare televised address.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Queen Elizabeth addresses U.K. amid coronavirus crisis: "We will meet again"

In a rare televised address on Sunday, Queen Elizabeth II urged the United Kingdom to respond to the coronavirus pandemic with the "self-discipline" and "resolve" that have defined the British people in moments of crisis.

Why it matters: It's just the fifth time that the queen, who traditionally speaks to the nation once a year on Christmas Day, has addressed the British people in this way during her 68-year reign.

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