Latest news with #MichelleGass
Daily Mail
23-05-2025
- Business
- Daily Mail
Levi's to sell Dockers to Authentic Brands for $311 million
Dockers — once the ultimate symbol of office cool — is being sold off by Levi Strauss as Americans continue to swap dress codes for stretchy pants and comfort wear. The denim giant announced Tuesday it has struck a deal to sell Dockers to New York-based Authentic Brands Group in a deal worth 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. But bosses at Authentic — known for buying up storied brands but struggling labels and revitalizing them — has big plans for Dockers. Levi Strauss launched Dockers back in 1986, and the brand soon became a 'Casual Friday' staple. Many office workers turned to Dockers' khakis and looser button-downs in the place of more traditional business attire. While it was not the sole — or very first — creator of dressed-down office looks, Dockers has been widely-credited as an integral part to 'Casual Friday's' rise, particularly in the 90s. Levi's CEO Michelle Gass thanked the Dockers team for building what she called 'the authority on khaki,' but said it was time to focus on Levi's core denim business and Beyond Yoga, the athleisure brand it bought in 2021. The focus on denim was highlighted in Levi's recent adverts with Beyonce, where she recreated scenes from famous ads for the 501-makers. Authentic Brands CEO Jamie Salter said Dockers is 'a natural fit' and promised to breathe new life into the label. 'Dockers played a key role in shaping casual workwear as we know it today,' he said. 'We see significant potential to build on that legacy.' The company has already turned around the ikes of Reebok, Nautica and Brooks Brothers and runs the estates of Elvis Presley and Muhammad Ali. Founded in 2010, Authentic doesn't run stores or make products itself. Instead, it owns brand names and licenses them out to retailers, manufacturers, and marketers who pay to use the branding on everything from clothes to fragrances to restaurants. The sale is expected to close by July 31 in the US and Canada, with international operations wrapping by early 2026. Levi Strauss, which reported $210.6 million in profit last year on $6.36 billion in revenue, first hinted at the sale last October, citing Dockers' underperformance. While Dockers may no longer dominate workplace fashion, for a generation of American office workers, its legacy lives on — in every business-casual Friday that replaced a stiff suit with a laid-back pair of khakis. Beyonce has appeared in two Levi's adverts in the past year, one in September and another in February In the most recent one she recreated another one of the brand's iconic ads. The Texas Hold 'Em hitmaker, 43, had glamorous denim on denim look while playing a game of pool in a dive bar. It was her take on Levi's 1991 Pool Hall ad , in which a young man bets his jeans on a pool game. Beyonce walks into the dive bar rocking a bedazzled denim jacket, matching Levi's jeans, and statement earrings. Her short platinum blonde hair is styled into voluminous curls, with her glam looking flawless. The ad, titled 'Chapter 2: Pool Hall', was set to her Cowboy Carter hit 'Levii's Jeans' featuring Post Malone. In her first ad for the brand, released in September, Beyonce paid homage to a legendary Eighties advert as she flashed her underwear. The singer stripped off in the 30-second advert, entitled Chapter 1: Launderette, which was a modern replica of Nick Kamen's 1985 Levis 501 advert. Beyonce's version saw her head inside a laundry mat while carrying a bucket of diamonds and clad in a $98 pair of Levi's Premium 501 90S Women's Jeans.
Daily Mail
23-05-2025
- Business
- Daily Mail
Levi's stops making iconic range after 40 years as tastes change... but the Casual Friday staple isn't going away
Dockers — once the ultimate symbol of office cool — is being sold off by Levi Strauss as Americans continue to swap dress codes for stretchy pants and comfort wear. The denim giant announced Tuesday it has struck a deal to sell Dockers to New York-based Authentic Brands Group in a deal worth 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. But bosses at Authentic — known for buying up storied brands but struggling labels and revitalizing them — has big plans for Dockers. Levi Strauss launched Dockers back in 1986, and the brand soon became a 'Casual Friday' staple. Many office workers turned to Dockers' khakis and looser button-downs in the place of more traditional business attire. While it was not the sole — or very first — creator of dressed-down office looks, Dockers has been widely-credited as an integral part to 'Casual Friday's' rise, particularly in the 90s. Levi's CEO Michelle Gass thanked the Dockers team for building what she called 'the authority on khaki,' but said it was time to focus on Levi's core denim business and Beyond Yoga, the athleisure brand it bought in 2021. The focus on denim was highlighted in Levi's recent adverts with Beyonce, where she recreated scenes from famous ads for the 501-makers. Authentic Brands CEO Jamie Salter said Dockers is 'a natural fit' and promised to breathe new life into the label. 'Dockers played a key role in shaping casual workwear as we know it today,' he said. 'We see significant potential to build on that legacy.' The company has already turned around the ikes of Reebok, Nautica and Brooks Brothers and runs the estates of Elvis Presley and Muhammad Ali. Founded in 2010, Authentic doesn't run stores or make products itself. Instead, it owns brand names and licenses them out to retailers, manufacturers, and marketers who pay to use the branding on everything from clothes to fragrances to restaurants. The sale is expected to close by July 31 in the US and Canada, with international operations wrapping by early 2026. Levi Strauss, which reported $210.6 million in profit last year on $6.36 billion in revenue, first hinted at the sale last October, citing Dockers' underperformance. While Dockers may no longer dominate workplace fashion, for a generation of American office workers, its legacy lives on — in every business-casual Friday that replaced a stiff suit with a laid-back pair of khakis. Beyonce has appeared in two Levi's adverts in the past year, one in September and another in February In the most recent one she recreated another one of the brand's iconic ads. The Texas Hold 'Em hitmaker, 43, had glamorous denim on denim look while playing a game of pool in a dive bar. It was her take on Levi's 1991 Pool Hall ad, in which a young man bets his jeans on a pool game. Beyonce walks into the dive bar rocking a bedazzled denim jacket, matching Levi's jeans, and statement earrings. Her short platinum blonde hair is styled into voluminous curls, with her glam looking flawless. The ad, titled 'Chapter 2: Pool Hall', was set to her Cowboy Carter hit 'Levii's Jeans' featuring Post Malone. In her first ad for the brand, released in September, Beyonce paid homage to a legendary Eighties advert as she flashed her underwear. The singer stripped off in the 30-second advert, entitled Chapter 1: Launderette, which was a modern replica of Nick Kamen's 1985 Levis 501 advert. Beyonce's version saw her head inside a laundry mat while carrying a bucket of diamonds and clad in a $98 pair of Levi's Premium 501 90S Women's Jeans.
Yahoo
20-05-2025
- Business
- Yahoo
Levi Strauss Agrees to Sell Dockers Brand to Authentic Brands Group
Levi Strauss & Co. (NYSE:LEVI) has reached an agreement to sell its Dockers brand to Authentic Brands Group for $311 million, the companies announced on Tuesday. Under the terms of the deal, Authentic Brands will acquire Dockers' intellectual property, while Centric Brands will manage day-to-day operations, including manufacturing, sourcing, and distribution. Levi Strauss & Co. (NYSE:LEVI) could earn up to $391 million in the future depending on Dockers' performance under Authentic's ownership, which also oversees brands like Forever 21, Reebok, and Nautica. The move follows Levi Strauss & Co. (NYSE:LEVI)'s October 2023 announcement that it was exploring options for Dockers, aiming to concentrate more on its core Levi's brand and Beyond Yoga, its activewear line. Dockers, launched in 1986, became a go-to choice for office workers embracing the 'Casual Friday' trend, especially during the 1990s. However, in recent years, Dockers has struggled, particularly during the COVID-19 pandemic, as remote work shifted consumer preferences toward more casual and comfortable clothing. Even as some workers returned to the office, looser dress codes have persisted. Levi Strauss began evaluating strategic alternatives for the brand last fall, citing its lagging performance. Dockers had been weighing on Levi Strauss & Co. (NYSE:LEVI)'s overall performance, prompting CEO Michelle Gass, who took over just over a year ago, to streamline operations by shedding non-core businesses and sharpening the company's focus on direct-to-consumer sales. Despite declining U.S. demand, Dockers remains strong internationally, making it a good fit for brand managers like Authentic that excel at global licensing. Authentic Brands Group plans to expand Dockers by using its extensive global network of licensing partners and is currently negotiating with regional operators across Latin America, Europe, the Middle East, and Asia to grow the brand internationally. While we acknowledge the potential of LEVI to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LEVI and that has 100x upside potential, check out our report about this cheapest AI stock. READ MORE: and Disclosure. None. Sign in to access your portfolio
Fashion Network
20-05-2025
- Business
- Fashion Network
Levi Strauss & Co to sell Dockers to Authentic Brands for $311 million
'The sale of Dockers allows us to further align our portfolio with our strategic priorities—focusing on our direct-to-consumer (DTC) approach, growing our international presence, and investing in opportunities in women's and denim categories,' said Michelle Gass, president and CEO of Levi Strauss & Co, in a press release. As part of its Project Fuel transformation plan, Levi Strauss has made several changes, including discontinuing its Denizen brand, mainly distributed in Asia; closing its Plock factory in Poland; and ending its footwear line. The company is also reducing its workforce and concentrating efforts on its flagship Levi's label and its athleisure brand, Beyond Yoga. 'Following a rigorous process, we are confident that we have maximized the company's value and that Authentic is the right organization to write the next chapter in Dockers' growth story,' Gass added. Dockers will join Authentic Brands Group 's extensive portfolio, which typically operates through licensing agreements with third-party manufacturers and distributors. ABG's holdings include Ted Baker, Jones New York, and shirt brands such as Van Heusen and Arrow. The group also owns preppy staple Izod and major U.S. casualwear names like Nautica and Eddie Bauer. 'Dockers is a natural fit for the Authentic model,' said Jamie Salter, founder, chairman, and CEO of Authentic. 'It's a brand with deep roots, high awareness, and a strong licensing foundation—exactly the attributes we look for when acquiring new brands. Dockers played a key role in shaping the casual workplace look we know today, and we see strong potential to build on that legacy across multiple categories.' The transaction remains subject to closing conditions and is expected to be finalized around July 31, 2025, for Dockers' intellectual property and operations in the United States and Canada. The rest of the brand's operations—including its presence in Europe and Asia, where Dockers maintains several stores and retail partnerships—are expected to transfer by January 31, 2026. During the transition period, Dockers will continue operating under Levi Strauss & Co's existing infrastructure.
CBS News
20-05-2025
- Business
- CBS News
Levi Strauss to sell Casual Friday staple Dockers for up to $391 million
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 transaction will start at an initial value of $311 million, with the potential of adding another $80 million to the price tag based on business performance under the new ownership. 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. Selling Dockers "further aligns our portfolio with our strategic priorities," Levi Strauss CEO Michelle Gass said in a statement, while thanking the Dockers team for their commitment to building the brand, which she said "continues to be the authority on khaki." Jamie Salter, founder and CEO of New York-based Authentic, called Dockers a "natural fit" for his company's model. Dockers "played a key role in shaping casual workwear as we know it today, and we see significant potential to build on that legacy and grow the brand across a variety of categories," he said. Levi Strauss launched Dockers back in 1986, and the brand soon became a "Casual Friday" staple. Many office workers turned to Dockers' khakis and looser button-downs in the place of more traditional business attire. While it was not the sole — or very first — creator of dressed-down office looks, Dockers has been widely-credited as an integral part to "Casual Friday's" rise, particularly in the 90s. But the nearly 40-year-old brand has struggled some in recent years — notably since the start of the COVID-19 pandemic, when many shoppers traded their khakis for more comfortable clothes, like yoga pants and other athleisure, as they began working from home. And even with returns to the office, many dress codes remain more relaxed than they were before. Levi Strauss said it began to "evaluate strategic alternatives" for Dockers in October of last year, citing recent underperformance at the time. On Tuesday, Levi Strauss said it expected to close Dockers' sale to Authentic around July 31 for the U.S. and Canada, pending customary closing conditions, and in January 2026 for remaining operations. In its 2024 fiscal year, Levi Strauss reported profit of $210.6 million and revenue of $6.36 billion.
