Kontoor to sell Lee denim brand to Reebok owner Authentic in up to $1 billion deal

Kontoor Brands ​said on Thursday it had ‌agreed to sell its Lee denim brand for up to $1 billion to ​Authentic Brands Group, as the ​apparel maker pushes to streamline ⁠its operations and focus investment ​on higher-growth brands such as Wrangler.