Levi Strauss bets on Beyonce as over 200 UK jobs lost
The UK arm of Levi Strauss cut more than 200 jobs as its turnover jumped to almost £100m during its latest financial year.
The Northampton-headquartered division reduced its headcount from 1,857 to 1,630 in the 12 months to 30 November, 2024, new accounts filed with Companies House show.
Over the same 12 months, Levi Strauss’ turnover increased from £89m to £96.8m while its pre-tax profit also rose from £7.7m to £9.5m.
The fall in its headcount came after the company had increased it by roughly the same amount in 2023.
Levi Strauss hopes Beyonce deal will pay off
A statement signed off by the board said: “Service levels have improved and confidence from customers and consumers in our ability to be a reliable partner should increase further in 2025.
“Traffic has been flattish overall or even in decline during the current year and a consistent trend of bargain hunting is still directing price-sensitive consumers more to outlets rather than mainline stores.
“The outlet business is however a highly professionalised and profitable business model for us and hence bears more opportunities than risks.
“While consumers are still attracted by special offers and the ability to swiftly compare prices across platforms out new brand ambassador Beyonce with whom we launched a global marketing campaign in 2024 to last for 12 months is expected to boost brand awareness and should allow us to reduce promotional activities both on and offline.”
Levi Strauss added: “We overall remain confident that our long-term strategy to build brand equity and expand the product portfolio especially in the under penetrated female and tops segments pays off/
“We have just laid out a new strategic business plan for the next five years in which we project more investments in elevated products around a denim lifestyle including an increase in near shore, more agile production capabilities.”