VF Corp. is exploring strategic options for its denim business that could include a sale or spin off of its Lee and Wrangler jeans brands, the Wall Street Journal reported on 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 (VFC.N) rose 1.5 percent to a record high of $96.99 on Friday afternoon after the report.