Business
From the California gold rush to Sydney Sweeney: How denim became the most enduring garment in American fashion
Jodie Foster, Billie Perkins, and Robert De Niro perform a scene in Taxi Driver directed by Martin Scorsese in 1976 in New York, New York.
Michael Ochs Archives | Moviepix | Getty Images
In the dwindling days of the California gold rush, the wife of a local miner faced a problem.
Her husband’s denim work pants kept ripping, so her tailor, Jacob Davis, had the idea to add copper rivets to key points of strain, like the pocket corners and the base of the button fly, to keep them from tearing.
Davis’ “riveted pants” soon became a roaring success and, unbeknownst to him at the time, marked the official birth of the blue jean, a garment that would transform fashion and come to represent the United States around the globe.
“It really has democratized American fashion and it also is the greatest export that we have sent to the world, because people identify jeans specifically with American Western culture,” said Shawn Grain Carter, a fashion professor at the Fashion Institute of Technology in New York. “It doesn’t matter your economic or social class. It doesn’t matter what your views are in terms of the political spectrum. Everybody wears denim.”
Jacob Davis
Courtesy: Levi Strauss & Co.
These days, denim is a major sales driver for retailers big and small, as the global denim market reached $101 billion this year, up 28% from 2020, according to data from market research company Euromonitor International. Major apparel companies from American Eagle to Levi Strauss are in a race to corner that market, leaning on A-list celebrities like Sydney Sweeney and Beyonce to win over shoppers and drive sales in an unsteady economy.
But if it weren’t for Levi Strauss, founder of the eponymous blue jeans company, Davis’ invention may not have gone far beyond the railroad town where it was created in the early 1870s.
How Levi’s created blue jeans
Soon after Davis created his riveted pants, called “waist overalls” or “overalls” at the time, they began selling like “hot cakes” and he needed a business partner to secure a patent, said Tracey Panek, Levi’s in-house historian. So he wrote to Strauss, a Bavarian-born immigrant who was running a successful wholesale business in San Francisco and had supplied Davis the denim he used to create his riveted pants.
“The secret of them Pents is the Rivits that I put in those Pockets and I found the demand so large that I cannot make them up fast enough,” Davis wrote Strauss in a letter, according to PBS.
Levi Strauss
Courtesy: Levi Strauss & Co.
Strauss, an “astute” businessman, recognized the opportunity and agreed to partner with Davis, said Panek.
“This would have been the first time that Levi was actually” manufacturing his own products, said Panek. “He was no longer just importing and selling other people’s goods. He was manufacturing himself and selling to retailers.”
On May 20, 1873, the two men secured a patent for the riveted pants and eventually opened a factory on Fremont Street, close to the modern-day Salesforce tower in San Francisco’s financial district.
They promised to offer workers the most durable jeans on the market and soon, business was booming.
Dude ranch duds and the American worker
Through Strauss’ connections as a wholesaler, the company’s riveted overalls soon spread across the U.S., becoming the garment of choice for working men everywhere: miners, cowboys, farmers – any role that required durable clothing.
Jeans were exclusively reserved for work settings at the time, but as emerging denim manufacturers vied for a similar customer base, they looked to expand their assortment to drive sales.
“Slowly and steadily into the 20th century, you start to see some of these manufacturers making variations,” said Sonya Abrego, a New York City-based fashion historian. “There was this one design called spring bottom pants that was kind of a more form fitted, a more dressed up, a slightly flared, maybe what the factory foreman would be wearing, right? As opposed to just the guy on the shop floor.”
In 1934, Levi created the first ever line of jeans for women. Around that time, denim started to become more popular in settings outside of work, primarily for activities like dude ranch vacations, camping and horseback riding.
“So they were kind of taking on a cowboy’s garment or a worker’s garment but wearing it in a … resort setting,” said Abrego.
Courtesy: Levi Strauss & Co.
Dude ranch vacations had become popular because there were finally highways connecting different parts of the country, and few were willing to venture to Europe during a war. Companies like Levi began releasing advertisements highlighting their denim as “dude ranch duds” and “authentic western riding wear” to capture shoppers looking for jeans to bring with them on vacation, according to archival advertisements from the time.
These cultural moments helped to expand denim beyond workers, but jeans didn’t become widespread casual attire until after World War II, when American fashion overall started to shift.
The rise of the backyard BBQ
By the time World War II ended, the mighty American consumer was beginning to emerge. For years, Americans had been forced to ration common goods like rubber, sugar and meat while simultaneously being encouraged to save their money by buying war bonds and socking away spare cash.
When the country shifted from wartime to peacetime, Americans were ready to splurge and soon began spending big on new cars, appliances and clothes.
“With a little bit more money to spend, you start seeing a bigger push for leisure clothes and fun clothes and play clothes, clothes to wear to backyard barbecues,” said Abrego. “Clothes that we would consider today as just like casual style.”
Courtesy: Levi Strauss & Co.
Slowly and surely, it became more and more acceptable for both men and women to wear jeans outside of work settings. Then, denim manufacturers made a push to allow jeans in schools.
“They wanted to sell to as many people as they possibly could,” said Abrego. “The idea that jeans are good for school means that they’re good for every day.”
By the time the 1960s hit, denim manufacturers had expanded their products and were selling a wide variety of colors, fits and styles. It became a symbol of the hippie movement and a mainstay on Hollywood sets.
Soon, denim was everywhere, and the 1970s brought the iconic bell bottom pants and the first iteration of the “designer jean” — denim pants being produced by labels and brands whose designs had nothing to do with work wear or western wear, like Calvin Klein and Gloria Vanderbilt.
Since then, denim has remained a constant in global fashion. While silhouettes, washes and fits have changed over time, jeans never really go out of style, which is what makes them so enduring, said Abrego.
“This is a design from 1873 … do we see anything else from 1873 on the street? It’s kind of wild if you think about it that way,” said Abrego. “We can talk about all the details, all the changes in manufacturing and all the different fits and finishes but it’s a recognizable thing, it’s still a pair of jeans. For me as a historian, that continuity is so compelling because I can’t really name anything else that has stayed the same to this degree.”
Business
After Trump’s sanction waiver, Reliance Industries procures 5 million barrels of Iran crude oil: Report – The Times of India
With the US waiving sanctions on Iran oil, Reliance Industries has reportedly bought 5 million barrels of Iranian crude. Reliance runs the world’s largest refining complex. The effective closure of the Strait of Hormuz has led to global crude oil prices shooting up. In recent years, Iranian crude has largely been purchased by independent refiners in China and is often rebranded as originating from other countries.Last Friday, the Donald Trump administration granted a 30-day waiver on sanctions for Iranian oil already in transit. The exemption covers cargo loaded on or before March 20, including shipments on sanctioned vessels, provided it is discharged by April 19.
Reliance buys Iran crude oil
Two sources told Reuters that the cargo was sourced from the National Iranian Oil Company. One of them noted that the crude was priced at a premium of about $7 per barrel over ICE Brent futures. The delivery schedule is not yet known.The transaction marks India’s first import of Iranian oil since May 2019, when the country, the world’s third-largest importer and consumer of crude, stopped purchases following the reimposition of US sanctions on Tehran.The move follows large-scale buying of Russian crude by Indian refiners, who secured more than 40 million barrels to deal with supply crunch from the Middle East.Other Asian refiners, including Indian state-run firms, are evaluating whether to buy Iranian oil, sources said.
State refiners hesitant?
At the same time, a Bloomberg report indicates that state-run refiners are reluctant to procure Iranian crude, as apprehensions around operational, financial and regulatory hurdles could outweigh any short-term benefits.Despite the sanctions waiver granted by the administration of Donald Trump, these refiners have remained cautious. Persistent uncertainties linked to shipping, insurance and payment mechanisms have so far prevented deals from being finalised.The brief duration of the waiver is a major concern. Refiners worry that any delays in execution could push shipments beyond the allowed timeframe, potentially exposing them to the risk of sanctions.
Business
Property Play: Home flippers see smallest profits since the Great Recession, real estate data firm says
Vesnaandjic | E+ | Getty Images
A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.
Higher mortgage rates, high home prices and tight supply are all conspiring to squeeze investors in the home flipping play.
In all of 2025, roughly 297,000 single-family homes and condos were flipped nationwide, according to ATTOM, a real estate data provider, which defines a flip as a home purchased and sold in the same 12-month period. That was a decrease of 3.9% from 2024 and the lowest number of flips in any year since 2020. Investor flips accounted for 7.4% of all 2025 home sales, down from 7.6% in 2024.
Flips are falling because profits are making it less and less worth it.
With the backdrop of the highest median home prices on record, the typical home flip netted investors just $65,981 in gross profit, or a 25.5% return on investment, according to ATTOM. That is down from 32% the prior year and the lowest rate since the Great Recession in 2008.
“Competition for homes remains strong in many markets due to constrained supply,” Rob Barber, CEO of ATTOM, said in a release. “With prices staying elevated, investors are finding it harder to secure deals that deliver strong returns.”
For comparison, in the boom decade following the financial crisis, profit margins were higher than 50%, peaking at 61% in 2012, which is around the time home prices bottomed.
Net profits, or investor returns that factor in the cost of fixing up the property, can vary widely depending on local labor, material and financing costs. Across the U.S., however, the cost of fixing properties before flipping remains elevated due to ongoing supply chain pressures and tariff-related increases in material prices, which continue to compress investor margins, according to ATTOM.
There are signs, however, that the flipping market could improve this year, as home prices are expected to moderate further and mortgage rates remain below year-ago levels.
“After nearly 4 years of declining flipped home transaction volume, our survey is picking up signs of positive momentum in the fix-and-flip space,” Alex Thomas, research manager at John Burns Research and Consulting, wrote in a recent report.
The firm partners with Kiavi on a Fix and Flip Housing Market Index, which looks at investor sentiment in the market. In the fourth quarter of 2025, it recorded the largest quarter-over-quarter gain in three years and a reversal of six consecutive quarters of declines.
In addition, 71% of investors surveyed said they expect to purchase more homes this year, compared with 66% last year and 49% in 2024, according to the JBRC/Kiavi survey. That is the highest share in its four-year history.
Fewer flippers are also reporting disappointing results from their investments. Nationally, 17% of flippers in the fourth quarter reported selling “mostly below” expected after-repair volume, or ARV, down from 21% in the prior quarter, per the survey.
“Because flippers tend to cut prices faster than typical home sellers during slowdowns (to avoid costly holding periods), this improvement is an early signal that the pricing environment is firming,” Thomas wrote.
He also said several provisions in last summer’s “big beautiful bill” could boost fix-and-flip profitability, including enhanced depreciation, a permanent 20% qualified business income deduction and deductible interest expenses on fix-and-flip loans.
Other measures of real estate flipper sentiment, including the RCN Capital Investor Sentiment Survey, a quarterly report prepared by CJ Patrick Company, also cite optimism.
“It’s those improving market conditions — more inventory, moderating home prices, and slightly better financing costs — coupled with pent-up demand from buyers and increased numbers of distressed properties for sale that I think should give flippers more opportunities as the year goes on,” said Rick Sharga, CEO of CJ Patrick.
The wild card will be mortgage rates. More investors are using financing, at 37.7% in 2025 compared with 36.9% in 2024, according to ATTOM. Rates were expected to be lower this year, but the Iran war and the resulting rise in oil prices have upended those forecasts.
“Flippers are having to get more creative to maintain profitability,” Barber said. “That could include taking on older homes, as the median flipped property in 2025 was built in 1978, the oldest since we began tracking, along with tighter cost control and more disciplined renovation strategies.”
Business
Centre plans to cut broken rice share in PDS, boost ethanol feedstock supply – The Times of India
The Centre plans to move a Cabinet note to reduce the proportion of broken rice distributed under the public distribution system (PDS) from 25% to 10% in a bid to ensure a steady supply of feedstock for ethanol production, Food Secretary Sanjeev Chopra said on Tuesday, as reported PTI.Addressing the All India Distillers’ Association (AIDA) conference, Chopra said the proposal could make about 90 lakh tonnes of broken rice available annually for the ethanol industry, helping provide year-round supply stability.“Climate change is a reality. We need to make sure the supply chain is not disrupted. A steady supply of broken rice to the ethanol sector will help ensure that,” he said.Currently, nearly 80 crore beneficiaries receive foodgrains under the PDS, where broken rice accounts for up to 25% of distribution. The proposed change would lower this share to 10%, releasing surplus stocks from the roughly 360-370 lakh tonnes of rice distributed every year.The excess broken rice would be auctioned to ethanol producers, animal feed manufacturers and other users. A pilot initiative has already been carried out in five states.Chopra also indicated that from the next ethanol supply year, whole-grain rice from the Food Corporation of India (FCI) would no longer be supplied to distilleries. Broken rice from the revamped food distribution system is expected to become the primary grain-based feedstock.“Looking further ahead, from the next ethanol supply year, whole FCI rice will no longer be available for the sector. In its place, we are moving toward the supply of broken rice,” he said, adding that the shift would improve grain quality for beneficiaries, ease storage and logistics pressures, and provide a predictable supply pipeline for the ethanol industry.The proposal comes amid rising global crude oil prices and the government’s push to expand ethanol blending in petrol to cut import dependence. Chopra said blending levels have reached 20%, up from 1.5% in 2013, helping save more than Rs 1.63 lakh crore in foreign exchange and reduce crude oil imports by 277 lakh metric tonnes since 2014.He noted that ethanol production capacity has increased from 420 crore litres in 2013-14 to nearly 2,000 crore litres now, with about 650 crore litres added in the past three years.The government is now focusing on demand-side measures, including deliberations on raising blending limits beyond 20%, exploring ethanol blending in diesel and promoting flex-fuel vehicles, he said.Chopra said supply disruptions in 2023, triggered by a weak sugar harvest and concerns over rice output, had highlighted the need for a more stable feedstock strategy.He also urged distilleries to accelerate lifting of existing FCI rice allocations. Of the 52 lakh tonnes earmarked for the current ethanol supply year, only 21 lakh tonnes have been lifted so far, while another 20 lakh tonnes remain available at discounted rates until June 30.On alternative feedstocks, he said maize, particularly rain-fed varieties, is being promoted to encourage crop diversification away from paddy cultivation. Around 40% of ethanol supply currently comes from grain-based sources, mainly maize, with efforts underway to develop high-yield varieties producing five to six tonnes per hectare.Referring to Brazil’s experience following the 1973 oil shock, which eventually led to ethanol blending levels of about 30%, Chopra said the current global energy situation presents an opportunity for India to strengthen its biofuel strategy.“Every challenge carries within it an opportunity. This is an important moment for us to revisit and strengthen our ethanol blending programme,” he said.AIDA president Vijendra Singh said the industry was prepared to go beyond the E20 milestone and called for a gradual increase in blending mandates, introduction of flex-fuel vehicles capable of running on 100% ethanol, promotion of ethanol-based cooking stoves and exploration of blending in diesel.P S Ravi, Director (Downstream) at the Federation of Indian Petroleum Industry, also urged the ethanol sector to support expansion of the biofuel programme beyond petrol blending, including biodiesel use in diesel, development of ethanol as a cooking fuel, sustainable aviation fuel pathways and feedstock expansion.Deputy Agriculture Commissioner Mehraj A S and Robert Papa, agriculture attaché at the Embassy of Brazil in New Delhi, were among those present at the conference.
After Trump’s sanction waiver, Reliance Industries procures 5 million barrels of Iran crude oil: Report – The Times of India
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