(Reuters) -Levi Strauss said on Tuesday that he would sell his Apparel Dockers brand to Reebok and Van Heusen, owner of Brands Group, for $ 311 million to focus on his Levi’s flagship brand and the Beyond Yoga Activewear line.
Last October, Levi Straurs announced its intention to sell the underperforming Dockers brand to focus on its basic brands and stimulate sales in its direct consumers at high prices.
“The Dockers transaction aligns our portfolio with our strategic priorities, focusing on our first direct approach to consumers (DTC), increase our international presence and investing in opportunities in the lifestyle of women and denim,” said Levi Michelle Gass CEO.
Dockers products have represented 5% of its net income in each of the 2024, 2023 and 2022 years, according to company documents.
The sale is expected to finalize at the end of July for American and Canadian operations, the closing of the remaining global operations by January 2026.
The company plans to use $ 100 million in cash products for share buybacks.
(Report by Neil J Kanatt in Bengaluru; edition by Tasim Zahid)
