Done Deal: Authentic Brands Group completes acquisition of Lee
Authentic Brands Group has added century-old denim brand Lee to its portfolio, with plans to expand it into new categories.
The lifestyle and entertainment platform has completed its acquisition of the intellectual property of Lee from Kontoor Brands Inc., parent company of Wrangler and Helly Hansen. The deal is valued at up to $1 billion.
Founded in 1889, Lee generates approximately $1.5 billion in annual retail-equivalent sales across 73 countries. Nearly 40% of its sales comes from outside the U.S. and Canada. (Authentic previously stated that Lee’s operations will remain headquartered in Greensboro, N.C.)
Since Authentic entered into a definitive agreement to acquire the Lee intellectual property in May, it has signed a series of operating partners to grow the brand through its licensing model. The apparel partners bring regional market knowledge and capabilities in product development, sourcing and distribution across key markets, according to Authentic.
Additional licensees from Authentic global network are expected to join and help expand Lee into adjacent categories, including activewear and workwear, as well as lifestyle offerings that build on the brand’s heritage of denim craftsmanship, innovation and authentic American style.
“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 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.”
Authentic portfolio spans more than 50 brands. Its roster includes Reebok, Champion, Shaquille O'Neal, David Beckham, Kevin Hart, Sports Illustrated, Elvis Presley, Muhammad Ali, Marilyn Monroe, GUESS, Aéropostale, Nautica, Eddie Bauer, Lucky Brand, Nine West, Brooks Brothers, Juicy Couture, Vince Camuto, Izod, Van Heusen, Dockers, Ted Baker, Hart Schaffner Marx, Vince, Judith Leiber, Quiksilver, Spyder, Billabong, Volcom, Roxy, RVCA, DC Shoes, Prince, Sperry and Hunter.
Authentic’s Brands also include Barneys New York, which will be the star of a new drama series, “Bella From Barneys,” on Amazon Prime video.
[READ MORE: Barneys to star in series on Amazon Prime video]
“At Authentic, our brands are stories, and Bella from Barneys shows what's possible when iconic IP meets world-class storytelling,” said Corey Salter, CEO of entertainment at Authentic.
