Leader in denim Levi's closed the acquisition of Beyond Yoga, an activewear company in 2021, as Levi's expects the company to add more than 100 million dollars to its total sales this year. Paying $400 million to acquire the athleisure brand, the US company expects the sportswear company to contribute more than $100 million to its earnings over the year of 2022. US-based Beyond Yoga has more than doubled its turnover in the last three years and has steadily increased its profitability, according to Levi's chief financial officer Harmit Singh. The company will continue to operate independently in the Levi Strauss portfolio and will retain co-founder Michelle Wahler as its CEO, reporting to Chip Bergh. Beyond Yoga was founded in 2005 by Michelle Wahler and Jodi Guber Krufsky and specialises in women's sportswear, with a maternity line. Wahler serves as CEO, while Krufsky is the company's creative director.
Levi's plans to expand Beyond Yoga internationally, and to boost its retail network with the aim of making women's customers 50% of its total sales. Currently, the women's fashion category accounts for only one-third of Levi Strauss' turnover. With the purchase, Levi's is joining the fitness trend in fashion, the fastest growing sub-sector of the industry since even before the pandemic. Activewear is expected to be worth almost $157.1 billion over the next three years, with an average annual growth of 11%, according to a report by Technavio. These forecasts are supported by the results of giants such as Nike, Under Armour and Adidas, which are leading the post-pandemic fashion recovery.
Levi Strauss Reinforces its Commitment to the Environment With regard to environmental care, in early 2020, the company confirmed that it had met the zero discharge of hazardous chemicals commitments it made in 2012 when it signed the Greenpeace Detox Solutions pledge. The Carbon Disclosure Project (CDP) later gave it an "A" rating in its annual survey of company climate disclosures and actions. Continuing to build on its introduction of jeans made from cottonseed hemp in 2019, it launched the Wellthread line. These are its "most sustainable jeans to date" and a collaboration with Swedish company Renewcell. Wellthread garments use more recycled blends than ever before and are fully recyclable. The brand uses Supima-certified cotton, the company vowed in 2017 to stop its production from cotton fields in favour of recycled clothes. Its cotton is also third-party certified by the Global Organic Textile Standard and Textile Exchange’s Organic Content Standard. In addition, Levi Strauss launched the SecondHand re-commerce programme that helps extend the life of denim products and tap into a growing resale market, a step in the direction of developing more circular products and practices. This history of responsible business practices, rooted in its core values, has helped Levi Strauss strengthen its brands and build trust with consumers around the world.