• by Sarah Mahoney  @mahoney_sarah, Yesterday

Levi Strauss & Co., which has been exploring ways to shed the under-performing Dockers brand since last fall, finally has a buyer for the beleaguered brand. Authentic Brands Group will pay $391 million to add Dockers -- once king of all things khaki -- to a stable that includes names like Reebok, Champion, Lucky Brand, Juicy Couture, Sperry, Eddie Bauer and Aéropostale.

The sale ends a brand saga that started in 1986, when Levi’s first launched what was to become a menswear juggernaut, introducing the world to the catchy concept of casual Fridays. Whether advertising themselves as the ultimate Dad pants or earning “Seinfeld” contempt, Dockers dominated cultural conversations for years, including the polarizing “Wear the Pants” campaign launched in 2009.

However, Dockers has dragged on Levi’s bottom line for some time. Last October, the company said it had begun a formal review of strategic alternatives, including a sale. Under President and CEO Michelle Gass, the company has vowed to focus all its growth efforts on denim, as well as Beyond Yoga, acquired in 2021.  And in March, reports surfaced that Levi’s was close to a Dockers deal with Marquee Brands.

“The Dockers transaction further aligns our portfolio with our strategic priorities, focusing on our direct-to-consumer-first approach, growing our international presence and investing in opportunities across women’s and denim lifestyle,” said Gass in the announcement. “After a robust process, we are confident that we maximized the value of the business and that Authentic is the right organization to usher in the next chapter of growth for the Dockers brand.”

Authentic will initially pay $311 million, subject to customary adjustments and closing conditions. The pricetag has the potential to reach up to $391 million through an $80 million earnout opportunity in future years based on the performance of the Dockers business.

“Few brands own a category the way Dockers does, yet still have so much room to grow,” said Matt Maddox, president at Authentic, in a separate announcement. “Its legacy in casualwear gives it a strong foundation, but the real opportunity lies in reimagining the brand for a new generation. Through our global platform and deep licensing network, we’re committed to stewarding the brand into its next era of growth and relevance.”

Authentic says it will partner with Centric Brands, which designs, sources, markets, and sells licensed products for companies like Calvin Klein, Under Armour and Nautica, as Dockers’ operating partner across key lifestyle and performance categories.