New York – Levi Strauss will finally separate from the Dockers: Enter an agreement to sell its brand once accredited with promoting the popularity of the “Casual Friday” to the group of authentic brands.
In an announcement on Tuesday, the denim giant said he had agreed to sell Dockers to authentic for up to $ 391 million. The transaction will begin with an initial value of $ 311 million, with the potential to add another $ 80 million to the price based on commercial yield under the new property.
The sale comes as Levi Strauss, based in San Francisco, increases its focus on the Central Levi brand of the chain, as well as beyond yoga, which the company acquired in 2021, as more and more consumers continue to be hosted until Athleisure’s wear.
The sale of Dockers “aligns our portfolio even more with our strategic priorities,” said the CEO of Levi Strauss, Michelle Gass, in a statement, while thanks the Dockers team for their commitment to build the brand, which said “continues to be the authority in the chaqui color.”
Jamie Salter, Founder and CEO of Authentic with headquarters in New York, described Dockers a “natural adjustment” for his company’s model. The Dockers “played a key role in the configuration of casual work clothes as we know it today, and we see a significant potential to develop that legacy and grow the brand in a variety of categories,” he said.
Levi Strauss launched Dockers In 1986And the brand soon became a basic element of “casual Friday.” Many office workers resorted to the docks of the Dockers and the most loose buttons in the place of the most traditional commercial clothing. While it was not the only one, or Very first -Cometed office looks, Dockers has been widely accredited as an integral part of the “Casual Friday” increase, particularly in the 90s.
But the almost 40-year brand has had problems in recent years, especially since the beginning of the Covid-19 pandemic, when many buyers exchanged their caquis for more comfortable clothes, such as yoga pants and other Athleses, when they started working from home. And even with the return to the office, many clothing codes remain more relaxed of what they were before.
Levi Strauss said he began to “evaluate strategic alternatives” for dockers In October last year, citing Low lower performance at that time.
On Tuesday, Levi Strauss said he hoped to close the sale of Dockers to authentic around July 31 for the United States and Canada, waiting for usual closure conditions and in January 2026 for the remaining operations.
In his fiscal year 2024, Levi Strauss reported profits of $ 210.6 million and revenues of $ 6.36 billion.
