May 20 (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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.