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Levi Strauss sees growth opportunities in high-end department stores

Denim icon Levi Strauss & Co. is poised to grow from its expansion into new stores, including high-end luxury department stores, according to Harmit Singh, Levi’s chief financial officer.

Levi Strauss LEVI, -1.29% began publicly trading on Thursday, with shares immediately soaring more than 30% past the IPO price of $17. Shares closed up nearly 32% on the first day of trading.

The company is growing its direct-to-consumer business, which now accounts for about one-third of sales. “We see no reason why that shouldn’t be on par with the wholesale business,” Singh told MarketWatch on the company’s IPO day.

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