ACON Investments has acquired a controlling stake in True Religion, the denim brand that typified the early 2000s with its flamboyant denim. Financial terms of the transaction have not been disclosed.
Founded in 2002, True Religion quickly became part of popular culture. Today, it’s back on people’s radar as Gen Z turn to nostalgic styles of the early naughts for inspiration. Finding favour amongst a new generation has seen the brand release a collection with Saweetie in early 2024. This came just three years after True Religion teamed up with Supreme on a collection of denim jackets, hoodies and accessories.
It now stands as an omnichannel retailer with an e-commerce platform, a footprint of more than 51 branded retail locations and a plethora of longstanding wholesale partners.
@truereligion Take it there with bold choices. #truereligion #gothere #saweetie #spring #lookbook #fyp #whatidwear #ootd #linkinbio ♬ original sound – True Religion
ACON, which is chaired by American Eagle’s CEO Jay Schottenstein, and SB360 Capital Partners said they will utilise their combined resources and sector expertise to accelerate True Religion’s further growth, broaden its geographic reach and continue the diversification of its product offerings.
Michael Buckley, True Religion’s CEO and a significant minority shareholder, said: “Our partnership with ACON and SB360 represents an exciting new chapter for True Religion.
“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. We look forward to working together as we bring True Religion’s bold, authentic style to even more consumers around the world.”
Suma Kulkarni, Managing Partner of ACON, added: “True Religion has built a unique and powerful brand with a loyal customer base and a deep connection to its core values of authenticity, quality and self-expression. Our partnership with SB360 will provide valuable additional resources essential to unlocking the Company’s full potential.”
True Religion will operate independently, with its headquarters remaining in Gardena, California.
Aaron Miller, President of SB360, commented: “We are excited to collaborate with the talented team at True Religion, an iconic brand with a rich heritage. We seek out brands with a strong core identity and a passion for leading a market segment.
“The growth since 2020 is unprecedented and by leveraging our expertise in retail, we are confident we can help the Company to continue to thrive. Our investment reflects our belief in the Company’s growth potential and continued innovation in the fashion industry.”
High-profile collaboration, with the likes of Chief Keef and Saweetie, boosted True Religion’s sales by 20% in 2023, bringing in $80 million in EBITDA. However, this comes off the back of commercial turmoil in recent years. The company exited its second Chapter 11 bankruptcy in October 2020 after first filing in 2017.
