Dive Brief:
- Private equity firm Consortium Brand Partners has acquired a 70% majority stake in fashion and lifestyle brand Draper James, founded by actor Reese Witherspoon, according to a press release shared with Retail Dive.
- The brand will maintain a “collaborative partnership” with CBP through Draper James’ management team, which includes CEO Erin Moennich, CFO and COO Sarah Foley, and Head of Design Kathryn Sukey.
- Witherspoon will remain a partner and board member for the brand. While continuing to sell through its existing direct-to-consumer channels, Draper James plans to grow globally through premium department and specialty stores and expand its RSVP collection with Kohl’s.
Dive Insight:
Founded in 2015 and named after Witherspoon’s grandparents, the Southern-inspired Draper James brand is working with CBP as it looks to grow.
“It’s been so amazing to see so many women connect with this brand, our products, and our mission to bring a little southern joy into everyone’s homes and wardrobes,” Witherspoon said in a statement. “We are excited to join forces with the team at Consortium, who understand our vision as a company and the importance of our community. They are the perfect partners for Draper James as we continue to grow and build this brand and I’m looking forward to this next phase in our journey.”
The brand previously raised $10 million in a Series B funding round in 2015. Since then, Draper James has collaborated with other companies while growing its DTC network, which boasts an e-commerce site as well as three brick-and-mortar stores.
Draper James in 2018 announced a limited collection with Eloquii — a plus-size brand that was bought by Walmart in 2018 and sold to FullBeauty brands in 2023.
Witherspoon’s brand also announced a partnership with Kohl’s in 2021 featuring an exclusive collection called Draper James RSVP. The collection officially debuted at Kohl’s stores in February 2022, with a variety of products ranging from dresses to blazers featuring a “feminine, Southern-contemporary style” at a lower price point than the full line brand.
