In an announcement Tuesday, the denim giant said it had agreed to sell Dockers to Authentic for up to $391 million. The transaction will start at an initial value of $311 million, with the potential of adding another $80 million to the price tag based on business performance under the new ownership.

Levi Strauss & Co. announced it will sell its Dockers brand to Authentic Brands Group for approximately $311 million

Levi Strauss & Co. said on Tuesday that it has agreed to sell the Dockers brand to Authentic Brands Group, a firm that specializes in acquiring and licensing brands around the world.