ICYMI: Levi’s makes the hotline bling, plus sustainability in the time of COVID
Hi Friends, How are things in your corner of the world? We’re plugging along.
Dunno if you’ve heard, but we’ve just announced that we’re doing KINGPINS24 again in June. We had a team meeting and decided we don’t need to sleep anymore and we can just focus on making online shows until this crisis is behind us. It’s our new thing ¯\_(ツ)_/¯. This next edition will focus on the US denim market and we’ve tweaked our format a bit to better serve our audience. If you want to see some details about attendance and engagement with our first KINGPINS24 event, we published them here.
Last week, we asked for tips about brands who are making PPE for medical workers and a reader submitted Mohop, an Illinois-based accessories brand making face shields. They are donating a face shield for every one purchased. Our buddy Beau Lawrence of California-based Ace Rivington is donating meals to his local food bank. At the time of this writing the brand had donated enough funds to buy 34,626 meals. To help, click here.
Be sure to visit our website next week – we have some great content planned.
Stay safe out there.
-The Kingpins Team
Links to keep you informed and inspired:
The call is coming from inside the Levi’s
Turns out we’re not the only ones making more phone calls these days. The Wall Street Journal is reporting that San Francisco-based Levi Strauss & Co. executives are hopping on the phone to collect cash from retailers. “I’m the chief debt collector,” Harmit Singh, Levi’s CFO, told the WSJ. “I am calling the big retailers, saying, ‘You are owing me money; when are you paying me?’” And even though retailers have shuttered their stores, it appears the calls are working: “even the most distressed retailers are paying,” Singh said.From the article: “Still, liquidity is at the top of Mr. Singh’s mind. “I learned through the last four recessions…you should raise cash when you don’t need it. I have learned that cash is always king,” he said. At the same time, the company is taking longer to pay some of its suppliers, in an effort to preserve cash and balance payables and receivables, Mr. Singh said. He also has slashed planned capital expenditures, reduced discretionary spending and raised $500 million in additional funds to shore up Levi’s finances.”