Levi’s to cut workforce and invest in digital transformation
Levi’s’ sales have dropped 62% due to the pandemic and the company will cut around 15% of corporate jobs. The retailer has announced it will increase investments in their digital transformation, the incorporation of AI, data analytics, and machining learning into their services. Levi’s is already using AI in their US stores to optimise profits by responding to orders more efficiently and to personalise benefits according to consumer interests. The retailer company aims at accelerating the digitisation of the company. While revenues decreased due to the temporary and permanent closure of stores as a consequence of the COVID-19 pandemic, they were partially compensated by their e-commerce business that increased 25% in the first quarter of the year and accelerated to over an 80% growth in May. The company is also studying new forms of contactless retail shopping with the help of technology.