In 1922, Lewis Levene, renting a small shed in Victoria Street, Auckland, commenced work as a contract painter. Eighten months later he was joined by his brother, Mark Levene, and the partnership of Levene & Co. was started. The business was incorporated as a limited liability company in 1929, the same year they opened a store at 123 Karangahape Rd, in Auckland's busy shopping district. When David Levene (son of Lewis) took over the management of the family firm in 1952, it still operated from the single store in Karangahape Rd. Quickly, David Levene moved to commence sales to contractors, something his father and uncle had avoided due to potential bad debts. Turnover increased, and following a trip to the United States in 1959, the first drive-in store was opened in France Street, Newton.

A programme of branch expansion characteristised the next two decades, as Levene cemented its place in the paint and decorating market, with a price-led business strategy. High-turnover consumables were sold along with paint lines to increase foot traffic.

By the early 1980s, the store format at Levenes had become dated and the stores were losing sales to competitors such as Placemakers, Resesne, and Mitre 10. Using advertising agency Park Avenue, the chain underwent a successful rejuvenation, pushing the designer lifestyle image. In 1994, Levene was sold to publicly listed company, Skellerup Group. It was a dramatic change from old-style family company to corporate ownership. Heavily-leveraged, both Skellerup and its successor, Maine Investments, were ultimately unable to sustain the level debt repayments as they sold off cash-earning assets. Inevitably, Levenes, and other Skellerup-owned companies, were placed into receivership in 1997.

A Levene truck after the change in company direction, 1985.