Dive Brief:
- Apparel retailer True Religion opened its first new store in over four years this week. Located in Atlanta’s Cumberland Mall, the company said in a Thursday announcement that the store exceeded soft opening projections by nearly 68%.
- The recently opened 2,000-square-foot store features new visual merchandising and updated fixtures which are intended to enhance the shopping experience, the retailer said. The Cumberland store’s visual merchandising features include new denim tables, a range of body form sizes to display products, light boxes to highlight core denim pieces and cabinets that better showcase the brand’s apparel accessories, like belts and handbags.
- Last month, True Religion said it’s getting financial support through a deal with three entities for a new term loan and revolving credit facility. The retailer said the deal will enable the company to refinance existing debt and support long-term business plans, sister publication Fashion Dive reported.
Dive Insight:
True Religion now has 46 U.S. locations with the opening of the Cumberland Mall store.
“A key component to True Religion’s omnichannel growth strategy is to identify and open selectively in locations where our shopper wants us to be,” CEO Michael Buckley said in a statement. “We remain a digital-first direct-to-consumer brand and are excited to begin adding more physical stores to our mix in the right markets.”
Founded in 2002 in Los Angeles, the True Religion brand is rooted in hip-hop music and culture. The company says Atlanta is the brand’s “spiritual home” on the East Coast and it has collaborated with many artists, influencers and designers from the area, like 2Chainz, Lil Gnar and Bluboy.
True Religion has filed for bankruptcy twice, first in 2017. Then in 2020, it was one of the first retailers to seek court protection when the pandemic created operational and financial trouble for retailers. The company said then that its revenue fell by about 80% when the global health crisis led it to temporarily close all physical stores.
The company successfully exited bankruptcy protection the second time after about six months following a restructuring that allowed the company to reduce its operating costs and debt. Simon Property Group and two other financial entities backed the reorganization.
Last summer, the company announced the appointment of Sandip Grewal to a dual leadership role as chief financial and chief operating officer. Previously, Dave Helkey had served as CFO for about two years.
This year, True Religion is marking its 21st anniversary with a fall campaign celebrating hip-hop. And just this week, the brand dropped a new denim collection in collaboration with hip-hop collective AG Club.
