NYSE:LEVI - New York Stock Exchange, Inc. - US52736R1023 - Common Stock - Currency: USD
LEVI sharpens its focus on core growth by selling Dockers and doubling down on its denim lifestyle and DTC strategy.
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Levi Strauss (LEVI) struck a deal to sell the Dockers apparel line to Authentic Brands Group as the
Mentions: ABNB
Levi Strauss is set to finally part ways with Dockers — inking a deal to sell its brand once credited with propelling the popularity of “Casual Fridays” to Authentic Brands Group. In an announcement Tuesday, the denim giant said it had agreed to sell Dockers to Authentic for up to $391 million. The sale arrives as San Francisco-based Levi Strauss boosts its focus on the chain’s core Levi’s brand — as well as Beyond Yoga, which the company acquired in 2021, as more and more consumers continue to cozy up to athleisure wear.
In the most recent trading session, Levi Strauss (LEVI) closed at $17.51, indicating a -0.11% shift from the previous trading day.
Levi Strauss (LEVI) concluded the recent trading session at $15.81, signifying a -1.25% move from its prior day's close.
The transaction, initially valued at $311 million, could reach up to $391 million through an $80 million earn-out opportunity in future years based on the performance of the Dockers business under Authentic’s ownership.
Levi Strauss & Co. said on Tuesday that it has agreed to sell the Dockers brand to Authentic Brands Group, a firm that specializes in acquiring and licensing brands around the world.
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.
Levi Strauss & Co. has entered a pact to sell khaki maker Dockers to Authentic Brands Group for an initial transaction value of $311 million, as the denim retailer seeks to bolster its namesake brand and premium products.
The brand management firm has already signed Centric Brands to oversee most Dockers categories in the U.S. and Canada.
LONDON/FRANKFURT (Reuters) -Blackstone has kicked off the sale of Clarion Events, four people familiar with the matter said, in a test of demand for takeovers after weeks of market turmoil stymied dealmaking. Blackstone bought Clarion, which runs international trade shows in electronics, gaming, energy, security and defence, in 2017 for 600 million pounds ($802 million) and supported it through the COVID pandemic, when the events industry came to a sudden halt, hammering the company's revenue and earnings. The U.S.-based private equity fund distributed information memoranda earlier this month and has drawn interest from funds including CVC, KKR, PAI Partners and Ardian, the four people said, speaking on condition of anonymity.
The jeans company is selling off the khakis brand to focus on its core labels.
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Telsey Advisory raised the firm’s price target on Levi Strauss (LEVI) to $21 from $19 and keeps an Outperform rating on the shares. The company is pleased with its momentum exiting FY24 and entering FY25, noting the consumer has been relatively resilient considering the challenging macro environment, the analyst tells investors. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today’s best-performing stocks on TipRanks >> Read Mo
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