Cotton Prices Just Hit A 10-Year High. Here’s What That Means For Retailers And Consumers

The last time cotton prices were this high, it was July 2011. “In 2011, we needed a prayer meeting,” Levi Strauss Chief Executive Chip Bergh told investors on an earnings call Wednesday. Bergh recalled how he had just joined the denim retailer and was learning his way around Levi’s business. But he was also staring down a historic surge in cotton prices. Cotton had skyrocketed above $2 a pound, as demand for textiles rebounded from a global financial crisis, while India — a major cotton exporter — was restricting shipments to help its domestic partners. Read more at CNBC.