Reuters
1 min read
In This Article:
(Reuters) -Levi Strauss on Tuesday said it will sell its Dockers apparel brand to Reebok and Van Heusen owner Authentic Brands Group for $311 million to focus on its flagship Levi's brand and the Beyond Yoga activewear line.
Last October, Levi Strauss announced its intention to sell the underperforming Dockers brand to concentrate on its core brands and boost sales through its direct-to-consumer stores at full price.
"The Dockers transaction further aligns our portfolio with our strategic priorities, focusing on our direct-to-consumer (DTC) first approach, growing our international presence and investing in opportunities across women's and denim lifestyle," Levi CEO Michelle Gass said in a statement.
Dockers' products accounted for 5% of its net revenues in each of the fiscal years 2024, 2023 and 2022, according to company filings.
The sale is expected to finalize by the end of July for the U.S. and Canada operations, with the remaining global operations closing by January 2026.
The company plans to use $100 million of the cash proceeds for share repurchases.
(Reporting by Neil J Kanatt in Bengaluru; EDiting by Tasim Zahid)
