Authentic Brands Group is in negotiations to acquire heritage denim label Lee from Kontoor Brands in a deal valued at over $600 million. Kontoor launched a competitive divestment process to focus on Wrangler and Helly Hansen, with sale proceeds earmarked for a $750 million stock buyback. Although Authentic’s exclusivity period has reportedly lapsed, the firm remains the primary contender as it works to finalize a valuation for Lee, projected at $750 million in annual sales. Analysts expect a new owner to expand Lee’s presence in mass-market channels, aligning with founder Jamie Salter’s goal of growing Authentic’s $38 billion retail sales toward $100 billion.

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