NYSE:KTBLuxury
Kontoor Brands Lee Sale Reshapes Focus On Core Cash Returns
Kontoor Brands (NYSE:KTB) has agreed to sell its Lee denim brand to Authentic Brands Group for up to US$1b.
The deal includes an initial US$750 million cash payment and a contingent earnout of up to US$250 million.
The transaction is positioned to narrow Kontoor's focus on its Wrangler and Helly Hansen brands and reshape its capital deployment.
For readers tracking apparel companies, this move reshapes how Kontoor Brands, the owner of Wrangler and Helly Hansen, is positioned within the...