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 said it will sell Dockers to Authentic Brands Group for $311 million, as Chief Executive Michelle Gass continues taking steps to center the company on its namesake brand.

Levi Strauss on Tuesday said it will sell its Dockers apparel brand to Reebok and Van Heusen owner Authentic Brands Group for $311 million to focus on its flagship Levi's brand and the Beyond Yoga activewear line.