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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.
A 2018 Jeep Wrangler.

Here’s your first look at the all-new Jeep Wrangler

The 2018 Jeep Wrangler is expected to make its world debut at the 2017 LA Auto Show.