Levi Strauss & Co.’s chief executive officer believes the wild currency swings of the recent past could become part of a “new normal” in global finance.
“There’s no saying that this type of volatile activity couldn’t become a regular part of doing business in the years ahead,” Chip Bergh, president and ceo of the San Francisco-based jeanswear giant, told WWD as the company, hit by severe currency headwinds in Russia and throughout Europe, reported lower sales and earnings for the first quarter ended March 1. “We can’t do anything to control it, but we can take actions to counter it and make sure that we’re prepared to respond to it.”
In Russia, the company already has reacted, raising prices as the value of the ruble has plunged about a third from year-ago levels against the dollar. “And we may have to take price again in order to protect and preserve a…
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