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The owner of Lee and Wrangler jeans just went public and its shares are falling 7%

Kontoor Brands, the jeans business spun off from VF Corp, is tumbling. Traders are shunning the owner of Lee, Wrangler, and Rock & Republic brands.
Denim sales are waning.

An American clothing giant is spinning off Wrangler and Lee, 2 of the country’s most iconic denim brands

Clothing giant VF Corp. plans to spin off its denim business, which includes the iconic American brands Lee and Wrangler, to focus on strengthening its outdoor and activewear brands, the company said Monday. The move follows years of waning denim sales as consumers swap jeans for yoga pants.