India, May 20 -- Apparel company Levi Strauss & Co. (LEVI) and Authentic Brands Group announced Tuesday that they have entered into a definitive agreement for Levi Strauss to sell Dockers brand to Authentic for an initial transaction value of $311 million, subject to customary adjustments and closing conditions.
The consideration has the potential to reach up to $391 million through an $80 million earnout opportunity in future years based on the performance of the Dockers business under Authentic's ownership.
With this agreement, Levi Strauss is well positioned to reach its potential as a best-in-class omnichannel retailer as it continues to evolve the globally iconic Levi's brand from jeans to denim lifestyle while also scaling the Beyon...