AI Analysis | Feedback

• The Levi Strauss & Co. for Wrangler and Lee jeans.
• Like a more focused VF Corporation, concentrating on iconic denim and workwear brands.

AI Analysis | Feedback

• Wrangler Apparel: A range of denim jeans, shirts, jackets, and other apparel for men, women, and children, known for its authentic American heritage and durability.
• Lee Apparel: A collection of denim jeans, shirts, jackets, and other casual wear for men and women, recognized for its modern styling and innovative denim.

AI Analysis | Feedback

Kontoor Brands (KTB) sells its products primarily to other companies, specifically a variety of global retailers, rather than directly to individuals. The company's public filings indicate that a relatively small number of customers account for a significant portion of its net revenues, with its top 10 customers representing approximately 43% of net revenues in 2023.

Based on the company's 2023 10-K report, its largest customer is explicitly identified as:

• Walmart Inc. (NYSE: WMT)

While other major customers are not individually named in the filings, Kontoor Brands distributes its products through mass, mid-tier, department store, specialty, and digital commerce channels. Therefore, other highly probable major customers, based on their prominence in these retail sectors and common distribution of KTB's brands (Wrangler and Lee), likely include:

• Target Corporation (NYSE: TGT)
• Amazon.com, Inc. (NASDAQ: AMZN)
• Kohl's Corporation (NYSE: KSS)

AI Analysis | Feedback

AI Analysis | Feedback

Scott Baxter President, Chief Executive Officer and Chairman of the Board

Scott Baxter has over 30 years of experience in retail, operations, marketing, merchandising, sales, and manufacturing. He was named CEO of Kontoor Brands in August 2018 and led the company through its spin-off from VF Corporation into an independent, publicly traded company. Prior to Kontoor Brands, Mr. Baxter held various leadership roles at VF Corporation, including Group President, Americas West, where he oversaw brands such as The North Face and Vans. His previous experience also includes senior roles at The Home Depot Company, Edward Don & Company, Nestle, and PepsiCo.

Joe Alkire Executive Vice President and Chief Financial Officer & Global Head of Operations

Joe Alkire joined Kontoor Brands as Executive Vice President and Chief Financial Officer in August 2023, also taking on the role of Global Head of Operations as of July 2025. He is responsible for enterprise strategy, corporate development, financial planning and analysis, accounting, investor relations, tax, treasury, internal audit, information technology, and global supply chain operations. Prior to Kontoor, Alkire served as Chief Operating Officer and Chief Financial Officer for BrüMate, Inc., a high-growth, private equity-backed consumer products company. He also previously held the position of Vice President, Corporate Development, Treasury, and Investor Relations for VF Corporation, and worked as an investment banking and equity research analyst for William Blair & Company.

Jenni Broyles Executive Vice President, Chief Commercial Officer & Global Head of Brands

Jenni Broyles is responsible for global marketing, product, design, sales, merchandising, analytics, and international and commercial operations for both the Lee and Wrangler brands. Before her current role, she served as Global Brands President, Wrangler & Lee, and as Senior Vice President, Wrangler.

Tom Waldron Chief Operating Officer

Tom Waldron is the Chief Operating Officer of Kontoor Brands, overseeing the Wrangler and Lee brands globally, including international markets, direct-to-consumer channels, and licensing. He also has responsibility for Kontoor's operations, including global supply chain, product development, and innovation. Prior to his appointment as COO, he served as EVP, Co-Chief Operating Officer, Global Brand President, Wrangler. Before joining Kontoor Brands in 2019, Mr. Waldron was President, Wrangler and Riders by Lee, North America for VF Corporation, and held various roles in merchandising, sales, and operations after beginning his career at Kmart Corporation.

Ezio Garciamendez Executive Vice President, Chief Supply Chain Officer

Ezio Garciamendez leads all aspects of Supply Chain management for Kontoor Brands, encompassing global operations, planning, manufacturing, sourcing, quality, customer service, distribution, logistics, master data governance, product development, sustainability, and direct procurement. He has over 20 years of experience in the consumer-packaged goods industry.

AI Analysis | Feedback

1. Sensitivity to Global Economic Conditions and Consumer Spending: Kontoor Brands' revenues and profits are highly dependent on the level of consumer spending for apparel, which is sensitive to global economic conditions, disposable income, interest rates, and other factors. A decline in consumer spending or adverse economic trends could have a material adverse effect on the company.
2. Highly Competitive Apparel Industry and Evolving Consumer Preferences: The apparel industry is intensely competitive, with numerous brands vying for market share, including private label brands of wholesale customers. Kontoor Brands' success relies on its ability to accurately gauge consumer preferences and product trends and respond effectively to constantly changing markets. Failure to proactively address emerging brands and shifting fashion trends, or slower progress in rejuvenating key brands, could erode its market position and challenge growth.
3. Supply Chain Disruptions and Increased Costs: Kontoor Brands has faced challenges such as shipping delays and increased transportation costs due to supply chain and shipping disruptions. Prolonged disruptions could lead to interruptions in product manufacturing, longer production lead times, increased raw material and product costs, and an impaired ability to meet customer demand, potentially resulting in lost sales. Additionally, volatility in international trade policies, including tariffs and trade negotiations, poses a significant threat to the company's cost structure and supply chain.

AI Analysis | Feedback

The clear emerging threat for Kontoor Brands is the accelerating shift towards a circular economy and hyper-sustainable business models within the apparel industry. This involves new companies and technologies focused on radically reducing environmental impact through innovative material sourcing, closed-loop production, extended product lifecycles via repair and resale, and waste elimination.

While Kontoor Brands is implementing sustainability initiatives, the emergence of brands built entirely on these circular and ultra-sustainable principles, coupled with increasing consumer demand for verifiable eco-friendly practices and potential regulatory mandates, could fundamentally disrupt the traditional linear apparel value chain. If these new models achieve significant scale, they could make traditional denim production and consumption less desirable or competitive for a growing segment of the market, thereby eroding Kontoor Brands' market share and brand relevance, similar to how streaming services challenged physical media rentals.

AI Analysis | Feedback

Kontoor Brands (symbol: KTB) operates within the global denim apparel and workwear markets. The addressable markets for its main products are as follows:

• Denim Apparel (Jeans): The global denim jeans market was estimated to be around USD 86.66 billion in 2024 and is projected to reach approximately USD 121.50 billion by 2030. Other estimates place the global jeans market value at USD 98.63 billion in 2025, projected to reach USD 132.84 billion by 2030.
• Workwear: The global workwear market size was valued at approximately USD 80.39 billion in 2024 and is expected to grow to about USD 131.35 billion by 2033. This market includes general workwear and corporate workwear. Another estimate indicates the global workwear market was valued at USD 19.08 billion in 2024 and is projected to reach USD 30.60 billion by 2033.

AI Analysis | Feedback

1. Growth from Helly Hansen Acquisition: The Helly Hansen brand is anticipated to be a significant contributor to both revenue and earnings growth. Kontoor Brands has consistently highlighted the strong performance and integration of Helly Hansen, raising its full-year 2025 revenue outlook with a substantial contribution expected from the brand. Growth for Helly Hansen has been broad-based across Sport and Workwear and in all geographic regions.
2. Expansion of Digital and Direct-to-Consumer (DTC) Channels: Significant investment in digital platforms is expected to continue driving double-digit channel growth and higher penetration rates, thereby boosting top-line results. Both the Wrangler and Lee brands have demonstrated momentum in their digital businesses, with Wrangler specifically showing strong digital growth.
3. Continued Strength and Market Share Gains for the Wrangler Brand: The Wrangler brand has consistently delivered strong performance, including global revenue increases and ongoing market share gains. Growth is attributed to strong demand, particularly in the female and Western categories, as well as category expansion.
4. Strategic Realignment and Recovery of the Lee Brand: Kontoor Brands is implementing proactive actions to address challenges within the Lee brand, especially in the Chinese market, and is focusing on a digital-led recovery in the U.S. The company expects sequential improvement in Lee's revenue comparisons and has launched its first equity campaign for the brand in years.
5. Introduction of Newer Products and Services / Category Expansion: While specific new product launches were not extensively detailed in the provided snippets, analysts generally anticipate that newer products and services will stimulate improved top-line performance. The successful expansion into new categories, such as the female and Western segments for Wrangler, demonstrates an ability to innovate and capture evolving consumer preferences.

AI Analysis | Feedback

Share Repurchases

• Kontoor Brands authorized a new share repurchase program of up to $300 million on December 11, 2023, replacing a previous authorization from August 5, 2021.
• As of November 3, 2025, Kontoor Brands had $215 million remaining under its authorized share repurchase program.
• Share repurchase activity was temporarily paused in the second quarter of 2025 to focus on reducing acquisition-related debt and leverage.

Share Issuance

• For the nine months ended September 2025, the company reported $(9.092) million for shares withheld for taxes, net of proceeds from the issuance of common stock, compared to $(1.769) million for the same period in 2024.

Outbound Investments

• On February 18, 2025, Kontoor Brands entered into a definitive agreement to acquire the global outdoor and workwear brand Helly Hansen for C$1.276 billion, approximately $900 million at the agreement date, with the transaction expected to close in the second fiscal quarter of 2025.
• The acquisition of Helly Hansen is projected to contribute approximately $460 million to 2025 revenue.
• Helly Hansen is expected to contribute approximately $0.20 to full-year adjusted EPS in 2025, with a material increase in accretion anticipated for 2026.

Capital Expenditures

• Capital expenditures are expected to be approximately $25 million for the full year 2025.
• The company's capital expenditures were approximately $35 million in 2024, $27 million in 2023, and $18 million in 2022.
• In 2024, capital expenditures were primarily focused on supporting manufacturing, distribution, facility improvement, information technology, and owned retail store investments.