Levi Strauss expects to reduce global corporate workforce by 10%-15% in H1

In its earnings release yesterday, Levi Strauss & Co. announced in Q1, the company’s Board of Directors endorsed a multi-year global productivity initiative, Project FUEL, designed to accelerate the execution of the company’s Brand Led and DTC First strategies while fueling long-term profitable growth. In fiscal 2024, it is expected this initiative will generate net cost savings of $100M. The first phase of the global productivity initiative is expected to occur in the first half of 2024 and is expected to include a 10% to 15% reduction of its global corporate workforce. As a result, the Company expects to record estimated restructuring charges of $110M-$120M in the first quarter. Additional restructuring charges may be incurred as the company progresses further with this initiative.