When Levi Strauss & Co. CEO Michelle Gass joined the company in January 2023, her strategy was clear: to reach $10 billion in revenues by 2030, by expanding the women’s business, elevating the brand to capture a more premium consumer, and creating cost efficiencies to improve margins.
Three years on, the world looks a little different to what it did in 2023. With the continued impact of US tariffs, and growing competition in the denim space, Gass still has her work cut out. Levi’s is, of course, the most recognizable and largest denim brand in the world. But when Gass arrived at the label, the business had experienced several quarters of sluggish growth and soft demand. But the turnaround is slowly taking hold. For fiscal 2025, Levi Strauss & Co. reported net revenues of $6.3 billion, up 4% on 2024. While Levi’s is the group’s biggest brand, it also operates women’s activewear label Beyond Yoga. In its most recent earnings, Levi’s revenues were up 8.9% year-on-year to $1.7 billion in Q1, while Beyond Yoga was up 23% to $43.3 million.
“Clearly, Levi’s and its strategies have momentum. Two years ago, I was talking about pivoting to become a best-in-class direct-to-consumer [DTC] retailer, and importantly becoming a head-to-toe denim lifestyle brand,” Gass says. “There’s nothing more rewarding when you see the strategies come to life, drive results, and see our consumers really respond.”
I met with Gass at Levi’s Haus of Strauss in Paris, a palatial, 17th century townhouse, opened in the summer of 2023, to host VIPs and clients willing to pay €595 for a pair of custom jeans. She’s in the area to check out the refurbished Champs Élysées flagship store, which was completed in April 2024 and features a mural by artist Quentin DMR, a neon blue color scheme, and a tailors shop.
When she arrived, women represented under a third of Levi’s customers, which Gass saw as an opportunity. Building a full Levi’s wardrobe, beyond jeans, is key to her strategy for capturing the female shopper. “It’s a pivot from being known as a denim bottoms company,” Gass says. “Jeans are our heritage and our foundation, but denim lifestyle is our future. We’ve seen that play out the last couple of years.” Levi’s tops business was up double digits for fiscal 2025, she notes. “It’s tops, it’s outerwear, it’s sweaters, it’s dresses, it’s non-denim. So the opportunity for us is so much larger than it was a decade ago, or even five years ago, and we’re proving that it’s working — the consumer is giving us permission to go there.”
The women’s denim category has heated up over time, with luxury players and mass-market labels entering the space, from Agolde to Good American. “Competition is healthy because it creates more energy in the denim category,” Gass says. “But if you go into our store, on our site, you will see a much broader array than a couple years ago. People will ask, ‘What are the latest trends?’ Baggy is still relevant, but we also are seeing skinny jeans. I think it is creating that versatility in a woman’s closet.” Women now represent 40% of the business, according to Gass, who is aiming for 50% looking ahead.
Winning in turbulent times
Wholesale has been challenged considerably post-pandemic, as the collapse of core retailers like Saks and Ssense weigh on brands. So far, Levi’s is weathering the storm: wholesale revenues grew 4% for Levi’s in fiscal 2025, as the brand homes in on key retail partners.
“I’ve had the unique experience where I’ve been on that side of the table, because I was with a wholesaler before taking this role,” says Gass, who was CEO of US retailer Kohl’s from 2018 to 2022. “I understand the nuances there. We want to win with the winners in wholesale.” One such winner, she notes, is Zalando, which has invested heavily in the e-commerce experience and fit-tech, and has become a “tremendous partner” for Levi’s.
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