Levi Strauss & Co. wants to sell its subsidiary brand Dockers to Authentic Brands Group, the parent company of brands such as Reebok and Quiksilver. The American jeans brand announced this on Tuesday.
Levi’s announced in October that it wanted to sell Dockers, but there were no concrete plans at the time. The company wants to focus more on the Levi’s brand and Beyond Yoga, a brand for yoga and sportswear.
Dockers was founded in 1986 by Levi’s and became known for its comfortable workwear. The brand is initially being sold for $311 million (approximately 276 million euros).
Ultimately, the sale amount may be higher, Levi’s reports. This depends on how well Dockers performs when the new owner has taken over.
The companies expect to finalize the agreement around mid-July.