The stock exchange becomes a sea of denim as it suspends its no jeans policy to celebrate.
NEW YORK — Levi Strauss & Co., which gave America its first pair of blue jeans, is public for the second time.
The stock, listed under the ticker “LEVI,” opened for trading on Thursday up 31 percent on strong demand, trading in the low $20 range. The offering started out priced at $17, above an originally expected range of $14 to $16.
In a rare move, the New York Stock Exchange suspended its “no jeans” policy on Thursday to commemorate the event, transforming the floor from suits and ties into a sea of blue denim, with its traders sporting jeans and denim jackets.
More than 120 employees from Levi’s global offices, including its CEO Chip Bergh outfitted in denim, were on the trading floor. On Wednesday, the NYSE even Tweeted, “Tomorrow we’ll be in our 501s.”
The 166-year-old company, which owns the Dockers and Denizen brands, previously went public in 1971, but the namesake founder’s descendants, the Haas family, took it private again in 1985.
The IPO comes as the iconic brand is staging a comeback under Bergh even as it faces increasing competition and a changing retail landscape. Women are opting for yoga pants or other comfortable athletic sportswear that can be worn every day. And the brand is also contending with a shrinking number of department stores, once its traditional venue of distribution.
But since assuming the helm in 2011, Bergh has refashioned the brand and image.
