Levi’s pulls out of footwear business
The denim company has announced that it is exiting the footwear business. This is part of its strategy to focus the business as it moves towards a more direct-to-consumer business
The news was first reported by Footwear News. Levi’s is “deprioritising and ultimately exiting” the footwear business, which is not only not Levi’s core competency but has never achieved significant scale, said Michelle Gass, who took over as president and chief executive officer in January.
However, the company will continue to collaborate with footwear brands, as it recently did with Crocs and New Balance.
The move is part of the company’s Project Fuel productivity plan, which resulted in 116 million US dollars in severance and other charges in the first quarter and is designed to focus the business as it pivots towards more direct-to-consumer business.
In line with this, the company will expand its apparel offering beyond its core jeans business to include head-to-toe denim looks, tops, active non-denim styles and more.
Image Credits: levi.com
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