Strategic management involves acquiring and sustaining intrinsic advantages over rival firms in order to ensure long-term success and profitability. While few brands recovered in today’s “fast fashion,” others still manage to survive by banking on past reputation and favorable brand image. This paper applies Michael Porter’s Typology of Strategy Options framework to the case study of Levi Strauss, a company that has been in decline for about 20 years and mostly known for its high-quality jeans brand, Levi’s 501. After examining the financial performance and historical account of Levi Strauss as an apparel company, it evaluates the corporate strategies for revitalizing the iconic brand/company. This case highlights the managerial implications of Porter’s framework for analyzing and designing competitive strategies in the denim jeans industry. It draws some implications for management and offers broad takeaways to aid it in decision-making. Finally, it evaluates the characteristics of declining companies in the hope that we can identify the problems confronting financial analysts hoping to value them properly.