As American as apple pie and semi-automatic weapons, denim has been somewhat side-lined, in fashion terms, over the past couple of years. In the style doldrums, denim was once the unassailable casual-wear category. 'Skinny', 'Spray On', 'Muscle Fit' or 'Ballet Fit', (I just made the last one up) are firmly out and the fugly Dad/Mum jean is a confusing ‘fashion’ concept to the average punter. Denim doesn’t quite know where it is right now.
Left - A timeless American denim image
So, it is timely that Levi Strauss & Co. launched their public offering onto the New York Stock Exchange, last week. They must know something we don’t.
The 166-year-old company first went public in 1971, but has been private for the last 34 years. The trading price of over $22 per share was well above projections and means the brand has a gross value of $8.7 billion. Before the sale, a figure of $17 per share was estimated.
“I’d say the fact the stock opened so much above the price we listed at suggests a certain amount of confidence in the company, confidence in the business results and confidence in the sustainability of our business,” Chip Bergh, chief executive, told the Financial Times.
Levi’s is the American denim original, and, like all original brands, it has considerable value. It also has huge potential. On its annual revenues of $5.6 billion, in 2018, a year-on-year growth of 14%, just 3% of it came from China. Even in a denim downturn, Levi’s made a profit of $542 million in 2018, (Adjusted EBIT). When the denim market does start to power away again, Levi’s is in one of the strongest positions to reap the benefits, being priced well below designer brands, but above the fast-fashion players.
For the rest of the denim market, it has been a struggle. Over the last 10 years, global jeans sales have climbed at a 3.5% compounded annual growth rate, slower than the entire apparel category, according to the analyst company, Bernstein. Leggings and tracksuits have replaced jeans in people’s wardrobe. Traditional denim just isn’t cool ATM.
In London, department store, Harvey Nichols, announced, last year, that its “Denim Room” would sell other non-denim products such as shirts and more casual clothing items. Once the cow-cash of the department store, the denim room is on the wane, like the category itself.
Last year, the huge American VF (Vanity Fair) Corp. was looking to sell their huge Wrangler and Lee jeanswear brands. They had previously sold premium jeans brand Seven For All Mankind in 2016. But, with no takers, VF Corp. is to spin off its jeanswear business, which includes Wrangler, Lee and Rock & Republic, into a new public company called Kontoor Brands in the first half of 2019. Kontoor Brands will remain in North Carolina, while VF will move the sports apparel and footwear businesses, including The North Face, Timberland and Vans, to its new corporate headquarters to Denver, Colorado.
Right - With skinny jeans gone, the denim industry needs a new trend/style to get consumers excited again. Not sure this style will fill denim manufacturers with much excitement for selling for those extra metres of fabric...
North Carolina was once the heartland of American denim production. Cone Mills White Oak Plant, the last selvedge denim mill in the United States, closed permanently on December 31, 2017. After 112 years in business, International Textile Group, Cone’s parent company, cited the reason as, “Changes in market demand have significantly reduced order volume at the facility as customers have transitioned more of their fabric sourcing outside the U.S.” The switch to cheaper, foreign made denim made this American denim factory unviable. It probably didn’t help that denim’s share of the apparel market and sales were declining. At one point, it was the largest mill in the world and is noteworthy for the “Golden Handshake” deal struck with Levi Strauss & Co. in 1915 to be the exclusive manufacturer of the XX denim used in the brand’s 501 jeans.
It’s not just American jeans brands that are struggling. This month, Diesel USA Inc., the American arm of the Italian Diesel brand filed for bankruptcy in Delaware. They blamed plummeting sales, a botched turnaround, pricey leases and unwavering landlords plus several instances of cyber fraud and theft. The Chapter 11 petition estimates up to $100 million in assets and as much as $50 million in debt. Diesel USA has 380 employees and 28 retail stores. It doesn’t plan to close, it wants a clean sheet in order to open new stores and refit some old ones. “Prior management began employing a real estate strategy that involved substantial investments in its retail stores,” Chief Restructuring Officer Mark Samson said in a court declaration. In an effort to put stores in “premium” locations, it entered into pricey leases, for example, its flagship on Madison Avenue in New York, just as its sales “dropped precipitously,” he said.
Left - US Jeans Sales are starting to see an uptick
On a positive note, it appears that the denim slide has bottomed out and sales are seeing a slight uptick. According to Euromonitor International, American jeans sales, saw a year-on-year 2.2% growth to over $16.5 billion in 2018.
Denim needs Americans and the rest of the world to fall back in love with their jeans. It also needs a style that resonates with consumers and gives them a reason to buy a new pair. Fashion will play its part by offering new styles and ways to incorporate this most American of fabrics. It’s just a case of seeing which options resonate most with consumers. Denim's return is not a case of if, it’s when.
If you’ve been taking notes from the latest men’s collection from Gucci, Cruise ’17 to be precise, you’ll have seen that they’ve looked to Britain and our anarchic past and created classically punked denim.
Both - Gucci Cruise '17
I’ve been tempted to bleach some jeans for a while now, ever since a splash back, while cleaning, left an interesting finish.
Below - An original skinhead
Take a pair of jeans that have been languishing at the back of the wardrobe. Look for something slim or tapered. Make it a pair you were going to chuck out, so you’ve got nothing to lose if you don’t like the finish.
Left - Test the bleach on a pair of unwanted jeans so you get an idea of the finish
Don’t use your favourite pair of jeans. Look for a pair where you like the fit, but not the wash or colour.
Left - Stuff the legs with newspaper to control the bleach to one side of the jeans
I’ve gone for an old pair of Lee 101s which have braces attached which only adds to the skinhead look. Im taking the braces off before I start as I don’t want these splattered with bleach.
Get some standard household bleach. You can wear gloves if you prefer.
Lie the jeans out flat in the bath tub or shower tray or do outside. Stuff the legs with newspaper to control the bleach to one side.
Left - Mohicans are optional!
Pretend you're Jackson Pollock and liberally drip the bleach over the jeans.
Left - Use standard household bleach
Let the jeans dry, best left overnight, then do the same on the other side.
Right - The bleach will look a bit green, but don't worry, it's working its punk magic!
Use a bucket to rinse or throw into the washing machine.
If you want a stronger contrast you can use the bleach directly. For something more subtle you can dilute the bleach with water and apply with a sponge.
The longer you leave on the bleach the whiter/lighter it will become.
Left - Hang the jeans on the washing line to dry
It will look a bit sludgy green as though it has been attacked by Slimmer from Ghostbusters. Don’t PANIC. It gets worse before it gets better.
Left - When you've done both sides put them on a cold rinse in the washing machine
Below - Skinhead Geek! You can opt classic skinhead with a Brutus shirt or, maybe, a Fred Perry polo shirt and Dr Martens or you can take inspiration from the Gucci show above
Left - TheChicGeek practising what he preaches and making WWD's street style pictures during LCM