New York (AP) – Levi Strauss should finally separate from the dockers – conclude an agreement to sell its brand once credited to have propelled the popularity of “relaxed Fridays” to the group of authentic brands.
In an announcement on Tuesday, the denim giant said that he agreed to sell Dockers in Authentic for up to $ 391 million. The transaction will start at an initial value of $ 311 million, with the potential of adding an additional $ 80 million at the price of the company’s performance under the new property.
The sale arrives then that Levi Strauss, based in San Francisco, focuses on the Core Levi brand of the chain – as well as beyond yoga, which the company acquired in 2021, while more and more consumers continue to be reconciled to the wear wear.
The sale of dockers “aligns our portfolio more with our strategic priorities,” said Levi Strauss CEO Michelle Gass
Jamie Salter, founder and CEO of Authentic, based in New York, qualified Dockers as “natural scenario” for the model of her business. Dockers “played a key role in training occasional work clothes as we know it today, and we see important potential to rely on this heritage and develop the brand in a variety of categories,” he said.
Levi Strauss launched Dockers in 1986, and the brand quickly became a must in “relaxed Friday”. Many desktop workers have turned to the Khakis of Dockers and Boutonnières darker instead of a more traditional business outfit. Although this is not the only one – or the very first – the creator of dressed office looks, the dockers were largely credited as an integral part of the ascent of “relaxed Friday”, especially in the 90s.
But the brand of almost 40 years has had trouble in recent years – especially since the start of the COVID -19 pandemic, when many buyers have exchanged their kakis for more comfortable clothes, such as yoga pants and other athleisures, when they started working at home. And even with returns to the office, many dress codes remain more relaxed than before.
Levi Strauss said he started “assessing strategic alternatives” for dockers in October from last year, citing recent sub-performances at the time.
Levi Strauss said on Tuesday that he expected to close the sale of Dockers in Authentic around July 31 for the United States and Canada, awaiting customary closing conditions, and in January 2026 for remaining operations.
During his financial year 2024, Levi Strauss declared a profit of $ 210.6 million and a turnover of $ 6.36 billion.
