Levi Strauss & Co. (NYSE: LEVI) today announced the release of its first annual sustainability report, detailing the company’s disclosures to meet stakeholder needs and further underscoring its commitment to transparency. Informed by the Global Reporting Initiative (GRI) and Sustainable Accounting Standard Board (SASB) standards, the report captures the company’s programs and priorities and articulates the overarching approach, incorporating new elements and updates to plans around existing focus areas.
“Levi Strauss & Co. has been in business for more than 168 years because we make durable products that are built to last and because we proudly adhere to a guiding philosophy of profits through principles across our operations,” said Chip Bergh, president and CEO of Levi Strauss & Co. “These ongoing commitments serve as the foundation of this document. This is how we contribute to the establishment of a safer, more just, more sustainable future. It demonstrates our commitment to our values and shows we understand how sustainability creates value for all stakeholders. It aligns us with the concerns and demands of today’s consumers and investors, and it helps future-proof our operations for the long-term.”
Levi Strauss & Co.’s sustainability strategy centers on three main pillars – climate, consumption, and community – that it will measure meaningful progress against. These categories encompass the work the company has already been doing – such as industry-leading science-based targets on climate and pioneering material innovations like cottonized hemp – as well as forward looking initiatives on a wide range of environmental, social and governance topics.
Broadly, the company is continuing to find ways to use less water, reduce emissions, better support workers, drive safer chemistry, further reduce waste, and become more circular. It seeks to become more diverse, more equitable, and more inclusive. The company also plans to continue to use its voice and resources to bolster its people and communities, providing the support they need and taking stands on issues like gun violence, voter participation, racial justice, and gender equity.
“While we’re proud of the work we’ve done, this is a journey and we know we and our industry still have a long way to go to deliver on our promises and ambitions of sustainability,” said Jeffrey Hogue, chief sustainability officer of Levi Strauss & Co. “That applies to our climate programs, our efforts on water, our Worker Well-being programs, our diversity work, and more. There are improvements to be made just about everywhere. It’s what we have to do to create a resilient business that can last for another 168 years.”
“For Levi Strauss & Co.’s, ESG is grounded in both our history, and our awareness of what investors, employees and the public expect from business today,” said Harmit Singh, chief financial officer of Levi Strauss & Co. “Sustainability is essential to our operations, our performance and our strategy to create long-term value for all stakeholders. It pushes us to be nimble, flexible and ready to adapt. That is how you meet the moment and build for the long term.”
A link to the full Levi Strauss & Co. 2021 Sustainability Report can be found here.
About Levi Strauss & Co.
Levi Strauss & Co. (LS&Co.) is one of the world’s largest brand-name apparel companies and a global leader in jeanswear. The company designs and markets jeans, casual wear and related accessories for men, women and children under the Levi’s®, Dockers®, Signature by Levi Strauss & Co.™, and Denizen® brands. Its products are sold in more than 110 countries worldwide through a combination of chain retailers, department stores, online sites, and a global footprint of approximately 3,000 brand-dedicated stores and shop-in-shops. Levi Strauss & Co.’s reported 2020 net revenues were $4.5 billion. For more information, go to http://levistrauss.com, and for company news and announcements go to http://investors.levistrauss.com.
This press release and related Sustainability Report contain forward-looking statements, including statements related to the company’s sustainability strategies, initiatives and targets, as well as information and targets on a wide range of environmental, social and governance topics. The company has based these forward-looking statements on its current assumptions, expectations and projections about future events. Words such as, but not limited to, “believe,” “will,” “so we can,” “when,” “anticipate,” “intend,” “estimate,” “expect,” “project,” "confident,” “target” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessarily estimates reflecting the best judgment of senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Investors should consider the information contained in the company's filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for fiscal year 2020 and its Quarterly Report on Form 10-Q for the quarter ended May 30, 2021, especially in the “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections. Other unknown or unpredictable factors also could have material adverse effects on future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release and related Sustainability Report may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated or, if no date is stated, as of the date of this press release and related Sustainability Report. The company is not under any obligation and does not intend to update or revise any of the forward-looking statements contained in this press release and related Sustainability Report to reflect circumstances existing after the date of this press release and related Sustainability Report or to reflect the occurrence of future events, even if such circumstances or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.
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