Aug 5 (Reuters) – Levi Strauss & Co. stated on Thursday it could purchase attire maker Past Yoga for an undisclosed quantity, because it seems to broaden its presence within the profitable leggings class that boomed in the course of the COVID-19 pandemic.
Attire retailers, together with American Eagle Outfitters Inc and Abercrombie & Fitch Co , have been ramping up their publicity to the sort of attire that may be worn at dwelling reminiscent of shorts and tanks, as demand for the gadgets surged throughout pandemic-led lockdowns that stored individuals indoors.
Levi Strauss stated Past Yoga, which focuses on physique constructive attire, would function as a standalone division, and probably contribute over $100 million to the corporate’s web income in fiscal 2022.
Final month, Levi’s shares climbed after the corporate forecast a robust full-year revenue fueled by a quicker-than-expected rebound in demand for its jeans, tops and jackets.
Reporting by Aditi Sebastian; Enhancing by Shinjini Ganguli