Members of the Haas family—the descendants of the founder of Levi Strauss & Co.—cement their net worth at $4.7 billion as the iconic American blue jeans company goes public
, is currently worth $1.01 billion thanks to a 16.1% stake in Levi’s. She is selling about a tenth of her Levi’s stake, which will bring in a $102 million windfall. The next-largest family member shareholder is Margaret Haas, who owns a 12.5% stake with 43.4 million shares worth $739 million. Margaret is Mimi's stepdaughter and Peter Haas, Sr.'s daughter. The late Peter Haas Sr. and his brother Walter took over the family business during World War II.
After the offering, Haas family members will own 75.6% of the company’s shares and they will control 99% of the company’s voting rights thanks to a dual class stock structure, according to the public filing. Levi’s announced late on Wednesday that the IPO would be priced at $17 per share, which roughly values the company at $6.4 billion. The price range is up from its proposed $14 to $16 a share earlier this month. Levi Strauss earned $285 million in net income on $5.6 billion in net revenue in 2018, up from $4.8 billion in revenue in 2011.
Levi’s was founded in 1873 by Levi Strauss to sell blue jeans to miners streaming into California to take part in the gold rush. The company first went public in 1971, but the family took it private in a leveraged buyout in 1985., Levi’s timing looks good. The family has a record of picking a good time to make big moves. In 1985 the Haas family’s stake in Levi’s was worth $510 million, according to a 1996article.
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