Authentic Brands Group Completes Acquisition of Lee

by · WWD
LeeCourtesy

Lee is officially a part of the Authentic Brands Group portfolio.

On Tuesday, the global lifestyle and entertainment platform announced it had completed its acquisition of Lee’s intellectual property from Kontoor Brands Inc., parent company of Wrangler. In May, Authentic signed a definitive agreement with Kontoor Brands to acquire Lee in a deal valued at up to $1 billion.

Since then, it has signed a series of operating partners to grow the heritage denim brand through its licensing model. Key partners signed to date include One Jeanswear Group for the U.S. and Canada, Experience Group for Europe, HiMaxx for mainland China, Hong Kong SAR and Macao SAR and Union Group for Mexico.

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The apparel partners bring regional market knowledge and capabilities in product development, sourcing and distribution across key markets. Additional licensees from Authentic’s global network are expected to join and help expand Lee into adjacent categories, including activewear, workwear and lifestyle offerings.

Authentic’s brand portfolio spans Dockers, Reebok, Champion, Guess, Lucky Brand, Aeropostale, Nautica and more. The company boasts a network of more than 1,700 licensees and strategic partners across 150 countries. Authentic’s brands drive more than $38 billion in annual systemwide sales worldwide.

“We are thrilled to welcome Lee to the Authentic family,” said Jamie Salter, founder and executive chairman of Authentic. “Lee has the heritage, recognition and consumer loyalty we look for in a brand. By connecting Lee to Authentic’s global platform and the right partners in key markets, we see a significant opportunity to expand its reach through content, experiences and new product categories.”

Lee was founded in 1889. It was part of VF Corporation’s Jeanswear division for nearly 50 years until it spun off in 2019 as Kontoor Brands.

Authentic said the brand generates approximately $1.5 billion in annual retail-equivalent sales across 73 countries. Nearly 40 percent of that comes from outside the U.S. and Canada.

Authentic previously stated that Lee’s operations will remain headquartered in Greensboro, North Carolina.

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