How Levi's Trashed a Great American Brand

摘要

When Robert Haas led the most recent LBO of Levi Strauss & Co. in 1996, he took one of the world's most successful brands and placed its entire future in the hands of four people: himself, an uncle, and two cousins. Other family shareholders had two choices: Cede all power to this group for 15 years, or cash out. Most stayed in. It seemed a good bet at the time. Haas was the guy who had saved the troubled family company back in 1984. He shut dozens of plants, jettisoned unpromising subsidiaries, expanded overseas, and refocused on Levi's core product. In 1985 he took Levi Strauss semiprivate in a limited LBO. Levi's stock climbed more than 100-fold, from $2.53 a share (adjusted for splits) to $265 a share. Haas was a hero.