Levi Strauss, also called Levi’s, is implementing job cuts at its European headquarters in Michelin, Belgium. As reported by a daily, the decision follows the earlier announcement made by the US fashion brand about slashing 10 to 15 per cent of its global workforce in January 2024.
The European headquarters will bid farewell to 42 employees out of its approximately 250-strong workforce. The retail staff, however, will remain unaffected by the restructuring.
According to a staff member, the initial phase of the Renault Act procedure—a Belgian labour law governing mass layoffs—has already been executed last week.
These developments coincide with Levi’s release of its first quarterly results for the year, wherein the fashion giant reported a decrease in sales and incurred a net loss during the period. The company attributes these setbacks to operational changes, resulting in a net loss of $11 million.
Levi Strauss is an American clothing company famous around the world for its Levi’s brand of jeans made from denim. The company, which had over 19,000 employees as of November, anticipates restructuring charges of $110 to $120 million in the first quarter.
This move follows a trend of early-year layoffs in the retail industry, with companies such as Macy’s and Wayfair also announcing job cuts recently.