"Innovation is our lifeblood,” according to Levi Strauss & Co. CEO Chip Bergh.
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In an interview with the FOX Business Network’s Maria Bartiromo, Bergh explained how the company is using innovation to drive growth.
“You would think a product that’s 142 years old would be very difficult to innovate but innovation is our lifeblood. We started with innovation. Today women are looking for product that’s comfortable, that’s stretchy and that makes them look great… We just launched a new line that has a lot of stretch in it that gives women the stretch and soft comfort and feel that they are looking for in their denim.”
Bergh said the company is also working with Alphabet’s (NASDAQ:GOOGL) Google on wearable technology that could potentially allow you to charge your phone or tell you specific biometrics.
“Its electronic threads, basically, that will allow conductivity in the product -- and it’s very, very exciting technology which hopefully will be commercializing here in the real near future,” he said.
He also discussed the state of business.
“Our business is strong. We just announced our third-quarter results. Sales were up 7% on a currency-neutral basis. Profits were up and we are growing… and our business is strong and the strategies are working,” he said.
Despite the stronger dollar having negative impact on traffic in stores, Bergh said the company’s focus on innovation is driving growth.
“It’s a very tough environment, globally and here in the U.S., in particular, traffic is down… We can’t control the environment, we can’t control the strong dollar but we can control the things that are within our control and so we are very focused on innovation, launching new products with exciting news and driving conversion in our stores,” he said.