During the past several years, we've been transforming Levi Strauss & Co. to make the company more competitive. We have been executing a number of business turnaround strategies that have resulted in significant improvements in our performance.
We have changed virtually every aspect of the business, including the entire process of how we develop, deliver and market products. The initiatives include:
- Revamping our core Levi's® and Dockers® product lines to make our products more innovative, market-relevant and appealing to consumers.
- Improving our speed to market and responsiveness to changing consumer preferences.
- Launching the Levi Strauss Signature® brand for value-conscious consumers in North America and Asia.
- Expanding our licensing programs to offer more products that complement our core brand product ranges.
- Improving the economics of our Levi's® and Dockers® brands for retail customers.
- Strengthening our management team and attracting top talent to key positions around the world.
- Enhancing our global sourcing and product innovation capabilities.
- Reducing our cost of goods and operating expenses.
- Implementing a new business planning and performance model that clarifies roles, responsibilities and accountabilities and improves our operational effectiveness.
As a result of these actions, we have stabilized sales and substantially improved the profitability of the company.
Though there is still much more work to do to ensure that we continuously deliver the most appealing and widely worn apparel brands in the world, we are confident that we remain on the right strategic path. Our initiatives are working. Today, we are more competitive than we have been in many years.