Dive Brief:
- Private equity firm Acon Investments bought a controlling stake in True Religion, according to a press release Tuesday.
- Financial terms of the deal weren’t disclosed. Through the deal, True Religion will operate independently and maintain its headquarters in California.
- Acon partnered with SB360 Capital Partners, a consulting firm specializing in wholesale, manufacturing and retail. Both companies will work together to “accelerate True Religion’s further growth” by broadening the brand’s reach and diversifying its product offerings.
Dive Insight:
The deal comes after the denim brand received a term loan and revolving credit facility from various financial partners in 2023. At the time, True Religion was set to use the credit to refinance its existing debt and bolster its long-term growth plans.
In the years since, True Religion has been boosting its marketing efforts and expanding its reach through licensing deals. Under a new chief marketing officer, Kristen D’Arcy, the company debuted a 2024 holiday advertising campaign starring musician Megan Thee Stallion, and earlier last year, it signed a footwear licensing deal with Orly Corporation.
The partnership with Acon and SB360 marks “an exciting new chapter for True Religion,” Michael Buckley, the denim company’s CEO and a minority shareholder, said in the release.
“With their expertise and resources, we are poised to enhance our digital and retail capabilities, accelerate our international growth and continue innovating our apparel offering,” Buckley said. “We look forward to working together as we bring True Religion's bold, authentic style to even more consumers around the world.”
True Religion is one of Acon’s first fashion acquisitions, but the company holds other brands in the consumer goods category, including Spirit Halloween, Spencer’s Gifts and Funko, according to its website.
Meanwhile, SB360 has worked with multiple apparel companies including Aerie, American Eagle, Designer Brands and DSW.
True Religion has more than 51 retail locations and multiple wholesale partners, per Wednesday’s release. The company also operates an e-commerce site, which D'Arcy previously told sister publication Fashion Dive was part of efforts to transform True Religion into a “DTC, digital-first” company.
