Essay about Jeans and Levi Strauss Stock

In 1853, the California gold rush was in full swing, and everyday items were in short supply. Levi Strauss, a 24-year-old German immigrant, left New York for San Francisco with a small supply of dry goods with the intention of opening a branch of his brother's New York dry goods business. Shortly after his arrival, a prospector wanted to know what Mr. Levi Strauss was selling. When Strauss told him he had rough canvas to use for tents and wagon covers, the prospector said, "You should have brought pants!," saying he couldn’t find a pair of pants strong enough to last.
Levi Strauss had the canvas made into waist overalls. Miners liked the pants, but complained that they tended to chafe. Levi Strauss substituted a twilled cotton cloth from France called "serge de Nimes." The fabric later became known as denim and the pants were nicknamed blue jeans.
In 1873, Levi Strauss & Company began using the pocket stitch design. Levi Strauss and a Reno Nevada-based Latvian tailor by the name of Jacob Davis co-patented the process of putting rivets in pants for strength. On May 20, 1873, they received U.S.Patent No.139,121. This date is now considered the official birthday of "blue jeans."
Modern jeans began to appear in the 1920s, but sales were largely confined to the working people of the western United States, such as cowboys, lumberjacks, and railroad workers. Levi’s jeans apparently were first introduced to the East during the dude ranch craze of the 1930s, when vacationing Easterners returned home with tales (and usually examples) of the hard-wearing pants with rivets. Another boost came in World War II, when blue jeans were declared an essential commodity and were sold only to people engaged in defense work. From a company with fifteen salespeople, two plants, and almost no business east of the Mississippi in 1946, the organization grew in thirty years to include a sales force of more than 22,000, with 50 plants and offices in 35 countries.
In the 1950s and 1960s, Levi's jeans became popular among a wide range of youth subcultures, including greasers, mods, rockers,hippies and skinheads. Levi's popular shrink-to-fit 501s were sold in a unique sizing arrangement; the indicated size referred to the size of the jeans prior to shrinking, and the shrinkage was substantial. The company still produces these unshrunk, uniquely sized jeans, and they are still Levi's number one selling product. Although popular lore (abetted by company marketing) holds that the original design remains unaltered, this is not the case: the company's president got too close to a campfire, and the rivet at the bottom of the crotch conducted the fire's heat too well; the offending rivet, which is depicted in old advertisements, was removed.
By the 1990s, the brand was facing competition from other brands and cheaper products from overseas, and began accelerating the pace of its US factory closures and its use of offshore subcontracting agreements. In 1991, Levi Strauss faced a scandal involving pants made in the Northern Mariana Islands, where some 3% of Levi's jeans sold annually with the Made in the USA label were shown to have been made by Chinese laborers under what the United States Department of Labor called "slavelike" conditions. Today, most Levi's jeans are made outside the US, though a few of the higher end,

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