Levi's Strauss CEO says his biggest mistake was not firing the wrong people fast enough
Levi's CEO Charles Bergh brought what he called a once 'broken' brand back into the limelight. Here's how he did it.
The easiest way to change culture is by changing the people. "The brand had really been lost." "The performance of the company had been really unpredictable for more than ten years." The profits were down one year, while the revenues went up the next. Charles Bergh speaks at the Fortune Global Forum 2015 in San Francisco, California (U.S.A.) on Tuesday, November 3, 2015.
The company's growth was well above the 3.1% posted one year ago. It's not all going to be smooth sailing. After it reported a sharp decline in wholesale revenues and soft sales in its largest market, the United States. On September 13, 2022, a guest wearing a Levi's blue denim shirt during New York Fashion Week in New York City.
Bergh told CNBC that this move would help the women's clothing business grow. Bergh stressed that the opening of larger stores will have a greater impact on consumers, and that revenge purchases by Chinese customers would be "a huge opportunity" for their brand. Hong Kong pedestrians pass a Levi's Store.
Many of our competitors are 10% and more. Nike is a good example. 40% of Nike’s market capitalization comes from China. "We are adding 100 stores a year, net worldwide. About a third will be in Asia."