09:03 AM EDT, 05/20/2025 (MT Newswires) -- Levi Strauss (LEVI) has agreed to sell its Dockers brand to Authentic Brands Group for $311 million and up to $80 million in potential future performance-based payments, the companies said Tuesday.

Levi Strauss said the sale aligns its portfolio with its priorities, including its direct-to-consumer first approach, growing its international presence, and investing in women's apparel.

The transaction, subject to customary closing conditions, is expected to close around July 31 for Dockers' intellectual property and US and Canada operations, and around Jan. 31, 2026, for remaining operations.

The company said it intends to return to shareholders about $100 million of the net cash proceeds through a share buyback program.

Levi Strauss shares were up 1.8% in recent premarket activity.