Authentic Brands completes purchase of Lee denim brand from Kontoor

Authentic Brands Group has completed its acquisition of the Lee intellectual property from Kontoor Brands, after signing the deal in May. Lee, founded in 1889, generates about $1.5 billion in annual retail-equivalent sales across 73 countries. Authentic has already lined up licensing partners to run the apparel business.

Why it matters: Another heritage American brand moves into Authentic's licensing model, with plans to stretch Lee into activewear and workwear.