Lee jeans up for sale in surprise Kontoor move
The company also owns Wrangler, which it says will be a $5 billion brand, and last year bought Norwegian outdoor apparel maker Helly Hansen.
Lee — the iconic denim brand made famous by James Dean — is up for sale, and owner Kontoor Brands has already received significant interest, the company announced Thursday.
The divestment will allow Kontoor to focus on what it calls its growth businesses – the Wrangler denim brand and Helly Hansen, the Norwegian outdoor apparel maker acquired last year for $957.5 million.
Wrangler is poised to become a $5 billion brand by the 2030s, Kontoor CEO Scott Baxter told analysts, who were surprised by the move in part because of notable progress in Lee’s turnaround.
Kontoor has fielded strong interest in acquiring Lee, from multiple parties, and is