Levi’s ties up with the world’s most expensive artist to create new collection
Damien Hirst is suppposed to the most expensive artist in the world because of the astounding prices at which his creations sell – whether it is Diamond covered skull, or Sharks in Formaldehyde(!) etc.
Damien Hirst is lending his talents to Levi’s and helping them develop the collection of Spring 2008 Warhol Factory X Levi’s Label(to be launched at New York Fashion Week in September) . The Warhol Factory X Collection was first launched in 2006 and paid tribute to Andy Warhol’s famous pop-culture art. This collection is priced between USD 190 – USD 250/- for Jeans and USD 80-300 for tops. The full name of the collection will Warhol Factory X Levi’s X Damien Hirst
Why is Levi’s doing this?
The answer is very simple. They want to strengthen their image as an important manufacturer of Premium Jeans . Levi’s has been able to grow its profits in 2006 largely because of their increased sales of Premium high-end Jeans. And they want to make more profits by selling more of these jeans.
Premium Jeans is about 4.3% of the US Jeanswear market and had been growing at a rapid pace of about 40-45% p.a – though last year the growth rate declined to about 23%.
But still there is a lot of space in this segment to make profits from..