Levi Strauss is set to finally part ways with Dockers — inking a deal to sell its brand once credited with propelling the popularity of “Casual Fridays” to Authentic Brands Group.

Levi Strauss & Co. says that its CEO will step down in January and hand over the reins of the jeans maker to his appointed successor.

Michelle Gass, CEO of department store chain Kohl’s, is stepping down from her role early next month and will become the president of denim giant Levi Strauss & Co. Levi’s said in a release that Gass will start on Jan. 2 and the board of directors has put in motion a succession plan for her to succeed Chip Bergh, president and CEO in the next 18 months.

Shares of Kohl’s are up more than 12% before the market open on Tuesday after the retailer announced that it is in exclusive takeover talks with the owner of Vitamin Shoppe.

Kohl’s raised its financial outlook for the year on Thursday, after a solid rebound in the first quarter from the devastating impact of the pandemic.

CNN image(CNN) - Kohl's innovative strategy to draw customers into its stores won the company praise and fans on Wall Street. Kohl's profit fell 24% during the quarter compared with a year ago, and the retailer slashed its outlook heading into the holiday shopping stretch. The results signal that Kohl's makeover strategies are falling short. Gass, the Kohl's CEO, has taken a proactive approach to remaking the retailer's more than 1,150 stores for the online shopping era. Kohl's is considered by many analysts to be in a better position than Macy's, JCPenney and other mall brands because the majority of Kohl's stores are away from malls.