GREENSBORO, N.C.–(BUSINESS WIRE)– Kontoor Brands, Inc. (NYSE: KTB) today announced it has completed the sale of the Lee® business to Authentic Brands Group.
“I want to thank the Kontoor team for the tremendous effort that drove the successful completion of this transaction,” said Scott Baxter, Chief Executive Officer and Chairman of the Board of Kontoor Brands.
“We now have a more focused, growth-oriented portfolio positioned to deliver stronger returns for our shareholders.”
“We are grateful to the Lee team for their contributions to Kontoor and wish them well as they write the next chapter of the brand’s iconic history,” Baxter added.
Advisors
Morgan Stanley & Co. LLC is serving as Kontoor Brands’ exclusive financial advisor and
Foley & Lardner LLP as its legal advisor.