May 20 (UPI) -- Clothing company Levi Strauss announced Tuesday it will sell its Dockers line to Authentic Brands Group in a more than $300 million acquisition.
The brand management firm Authentic, under the deal terms, will take over the intellectual rights to Dockers in a $311 million initial transaction. Centric Brands, with offices around the globe handling other higher-end brands like Calvin Klein and Tommy Hilfiger, will assume operations for Dockers in manufacturing, sourcing and distribution through a new licensing agreement.
Levi's CEO Michelle Gass said after a "robust process," the California-headquartered company was "confident" it had maximized its own value through the sale and that Authentic was "the right" group to "usher in the next chapter of growth" for the Dockers brand.
"The Dockers transaction further aligns our portfolio with our strategic priorities, focusing on our direct-to-consumer first approach, growing our international presence and investing in opportunities across women's and denim lifestyle," Gass, who moved over to Levi Strauss at the end of 2022 as CEO of Kohls, said Tuesday in a release.
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