Nov 15, 2018

Levi's preps IPO with valuation at $5 billion

Dan Primack

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."

Go deeper

Zachary Basu

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.

Go deeperArrow8 mins ago - World
Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 1,252,265 — Total deaths: 68,413 — Total recoveries: 258,495 — Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 325,185 — Total deaths: 9.267 — Total recoveries: 16,820 — Map.
  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 experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingArrowUpdated 26 mins ago - Politics & Policy
Ursula Perano

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.

Go deeperArrow38 mins ago - World