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When Levi Strauss & Co. CEO Michelle Gass joined the company in January 2023, her strategy was clear: to reach $10 billion in revenues by 2030<\/a>, by expanding the women\u2019s business, elevating the brand to capture a more premium consumer, and creating cost efficiencies to improve margins.<\/p>\n Three years on, the world looks a little different to what it did in 2023. With the continued impact of US tariffs, and growing competition in the denim space, Gass still has her work cut out. Levi\u2019s is, of course, the most recognizable and largest denim brand in the world. But when Gass arrived at the label, the business had experienced several quarters of sluggish growth and soft demand. But the turnaround is slowly taking hold. For fiscal 2025, Levi Strauss & Co. reported net revenues of $6.3 billion, up 4% on 2024. While Levi\u2019s is the group\u2019s biggest brand, it also operates women\u2019s activewear label Beyond Yoga. In its most recent earnings, Levi\u2019s revenues were up 8.9% year-on-year to $1.7 billion in Q1, while Beyond Yoga was up 23% to $43.3 million.<\/p>\n \u201cClearly, Levi\u2019s and its strategies have momentum. Two years ago, I was talking about pivoting to become a best-in-class direct-to-consumer [DTC] retailer, and importantly becoming a head-to-toe denim lifestyle brand,\u201d Gass says. \u201cThere\u2019s nothing more rewarding when you see the strategies come to life, drive results, and see our consumers really respond.\u201d<\/p>\n I met with Gass at Levi\u2019s Haus of Strauss in Paris, a palatial, 17th century townhouse, opened in the summer of 2023, to host VIPs and clients willing to pay \u20ac595 for a pair of custom jeans. She\u2019s in the area to check out the refurbished Champs \u00c9lys\u00e9es flagship store, which was completed in April 2024 and features a mural by artist Quentin DMR, a neon blue color scheme, and a tailors shop.<\/p>\n When she arrived, women represented under a third of Levi\u2019s customers, which Gass saw as an opportunity. Building a full Levi\u2019s wardrobe, beyond jeans, is key to her strategy for capturing the female shopper. \u201cIt\u2019s a pivot from being known as a denim bottoms company,\u201d Gass says. \u201cJeans are our heritage and our foundation, but denim lifestyle is our future. We\u2019ve seen that play out the last couple of years.\u201d Levi\u2019s tops business was up double digits for fiscal 2025, she notes. \u201cIt\u2019s tops, it\u2019s outerwear, it\u2019s sweaters, it\u2019s dresses, it\u2019s non-denim. So the opportunity for us is so much larger than it was a decade ago, or even five years ago, and we\u2019re proving that it\u2019s working \u2014 the consumer is giving us permission to go there.\u201d<\/p>\n The women\u2019s denim category has heated up over time, with luxury players and mass-market labels entering the space, from Agolde to Good American. \u201cCompetition is healthy because it creates more energy in the denim category,\u201d Gass says. \u201cBut if you go into our store, on our site, you will see a much broader array than a couple years ago. People will ask, \u2018What are the latest trends?\u2019 Baggy is still relevant, but we also are seeing skinny jeans. I think it is creating that versatility in a woman\u2019s closet.\u201d Women now represent 40% of the business, according to Gass, who is aiming for 50% looking ahead.<\/p>\n Wholesale has been challenged considerably post-pandemic, as the collapse of core retailers like Saks<\/a> and Ssense<\/a> weigh on brands. So far, Levi\u2019s is weathering the storm: wholesale revenues grew 4% for Levi\u2019s in fiscal 2025, as the brand homes in on key retail partners.<\/p>\n \u201cI\u2019ve had the unique experience where I\u2019ve been on that side of the table, because I was with a wholesaler before taking this role,\u201d says Gass, who was CEO of US retailer Kohl\u2019s from 2018 to 2022. \u201cI understand the nuances there. We want to win with the winners in wholesale.\u201d One such winner, she notes, is Zalando, which has invested heavily in the e-commerce experience and fit-tech, and has become a \u201ctremendous partner\u201d for Levi\u2019s.<\/p>\n<\/div>\nWinning in turbulent times<\/strong><\/h2>\n