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Owner of Wrangler and Lee looks to exit the jeans business

Reuters logo Reuters 8/10/2018 Aishwarya Venugopal

VF Corp is exploring strategic options for its denim business that could include a sale or spinoff of its Lee and Wrangler jeans brands, the Wall Street Journal reported Friday, citing people familiar with the matter.

Greensboro, North Carolina-based VF, which also makes Vans shoes, rakes in more than $2.5 billion in annual revenue. Its jeans business has seen demand slip as big retailers including Walmart stock more of their own private-label brands.

VF did not immediately respond to Reuters' request for comment.

Its shares rose 1.5 percent to a record high of $96.99 on Friday afternoon after the report.

Related video: How made-in-USA jeans became a pawn in Trump's trade war (provided by Bloomberg)

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