Kontoor Brands (KTB) is selling its Lee business to Authentic Brands Group for up to $1B to focus on Wrangler and growth.

The deal includes an initial $750 million payment and a $250 million earnout tied to Lee's future performance under Authentic's ownership

Kontoor Brands (KTB) is selling its Lee business to Authentic Brands Group for up to $1B to focus on Wrangler and growth.