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Levi's & TJC sign asset purchase agreement

Sep '19
Pic: Shutterstock
Pic: Shutterstock
Levi Strauss (Levi’s) has entered into an asset purchase agreement to acquire all operating assets related to the Levi’s and Dockers brands from The Jeans Company (TJC), Levi’s distributor in Chile, Peru, and Bolivia, for approximately $35 million, plus transaction costs. Levi’s is one of the leading brand-name apparel companies and a leader in jeanswear.

The agreement includes approximately 80 Levi’s and Dockers retail stores, distribution with the region’s leading multi-brand retailers, and the logistical operations in these markets, according to Levi’s.

Levi’s has stopped shipping inventory to TJC in anticipation of the transition of operations, which will have an estimated impact of approximately $20 million on Levi’s revenues in the second half of 2019. The impact on revenue will be distributed roughly evenly between the third and fourth fiscal quarters. Levi’s does not expect any similar negative revenue impact to fiscal 2020.

Completion of the transaction is subject to a number of closing conditions. Subject to such conditions, the transaction is expected to close by the end of the year. During this time, Levi's and Dockers stores in the region are expected to remain open for business without interruption.

“Over the course of our 30-year partnership, TJC has enhanced the market position of the Levi’s and Dockers brands in Chile, Peru and Bolivia. We believe the acquisition of these assets will build on the strong foundation established by TJC and will position us to accelerate growth across the Andean region,” Roy Bagattini, president of the Americas region at Levi’s said.

“Deploying capital through organic acquisitions is a key part of our long-term strategy to become a world-class omni-channel retailer. This transaction will further diversify our business, create operational synergies and enhance shareholder value,” Harmit Singh, chief financial officer, Levi’s. (GK)

Fibre2Fashion News Desk – India

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