A major leadership transition is underway at Levi Strauss & Co., as the company appoints John Vandemore to the role of Chief Financial Officer, signaling an important step in its quest for aggressive growth.
John Vandemore Moves from Skechers to Levi’s as New Finance Chief
The denim giant announced in a recent release that John Vandemore, who brings nearly ten years of experience as CFO of Skechers, will become Levi’s CFO on November 1. This change follows the previously disclosed retirement of Harmit Singh, the longtime chief of finance, who will continue in an advisory role through November 30 despite stepping down from his main responsibilities at Levi’s.
Vandemore’s extensive professional résumé includes key financial and operational leadership roles at Skechers, as well as at recognized companies like Mattel, The Walt Disney Company, International Game Technology, and various consulting organizations.
Strategic Financial Leadership and Revenue Aspirations
While leading finance at Skechers, Vandemore oversaw a period of surging revenue and strong financial momentum, guiding the company as it climbed from $4 billion in 2017 to $10 billion in 2023 in revenue. Notably, $10 billion is the same revenue aim Levi Strauss & Co. is now targeting, according to Laurent Vasilescu, senior analyst at BNP Paribas Equity Research.
Industry analysts have noted the similarities between Skechers and Levi’s, both being global lifestyle labels with comparable profit margins (EBIT margin near 10%), similar geographic revenue splits (about half comes from the Americas), and closely matched sales channel distributions. According to research by Tom Nikic and his team at Needham, each company derives about 55% of its sales from wholesale and 45% from direct-to-consumer (DTC) channels.
In communications with the press, Nikic remarked, “We have known Mr. Vandemore for nearly a decade, and we consider this to be a strong hire.” He also highlighted that during Vandemore’s tenure, Skechers became one of the largest footwear brands worldwide, topping the $9 billion revenue mark.
Direct-to-Consumer Initiatives and Market Trends
The timing of Vandemore’s joining aligns with Levi’s intensified push toward growing its direct-to-consumer segment, a strategic move that’s also paid off for Skechers. In the most recent quarter, direct-to-consumer sales at Levi’s comprised just over half its total revenues and posted an 11% rise; wholesale grew by 5%. However, there are current headwinds: recent credit card data indicates U.S. DTC sales have dropped compared to the prior quarter, and warmer conditions in Europe may hinder regional results, notes BNP Paribas’s Vasilescu.
CEO Michelle Gass celebrated Vandemore’s addition to the leadership team, emphasizing, “John’s deep financial, operational and consumer experience, combined with his proven ability to help global brands scale and grow profitably, makes him the ideal partner to help us realize our ambition of becoming a $10 billion company.” Gass also stated that Vandemore’s arrival is well-timed as Levi’s is “building a more direct-to-consumer business, unlocking the full potential of the Levi’s brand and transforming LS&Co. into the world’s leading denim lifestyle retailer.”
Vision and Financial Stewardship for the Future
With both Levi’s and Skechers focusing intensely on DTC channel expansion, Vandemore’s move reflects Levi’s strategic plans to adapt in a changing retail environment. As the company aspires to emulate the robust growth that Skechers achieved under Vandemore’s financial direction, industry watchers are monitoring whether Levi’s can achieve the $10 billion revenue target in the future.