True Religion, the iconic Y2K-era jeans brand, has a new ownership after private equity firm ACON Investments and SB360 Capital Partners acquired the company. The acquisition marks a significant comeback for the brand, which had filed for bankruptcy twice in 2020 and 2017.
In 2023, True Religion saw a 20% increase in sales to $280 million, with $80 million in earnings before interest, taxes, depreciation, and amortization (EBITDA). The company’s growth is attributed to its efforts in enhancing digital and retail capabilities, accelerating international expansion, and innovating its apparel offerings.
Michael Buckley, CEO of True Religion, stated that the partnership with ACON Investments and SB360 represents an exciting new chapter for the brand. With their expertise and resources, True Religion aims to drive growth and continue innovating its product line.
The company’s transformation from a luxury-focused brand to an urban staple has been credited to Chief Marketing Officer Kristen D’Arcy’s marketing strategy, which involves partnering with strategic influencers and leveraging good timing in the market.
True Religion was founded in 2002 and had once been a favorite among celebrities like Jessica Simpson and Britney Spears. However, its sales declined in the 2010s, leading it to file for bankruptcy twice before emerging from its second bankruptcy in 2020.
The new ownership is expected to bring significant investment and expertise to the brand, positioning True Religion for further growth and expansion.
Source: https://www.cnbc.com/2025/01/07/true-religion-acquired-by-pe-firm-jay-schottenstein-firm.html