True Religion announced Tuesday that private equity firm Acon Investments had acquired a majority stake in the company.
SB360 Capital Partners, where American Eagle’s chief executive Jay Schottenstein serves as chairman, also participated in the deal. The acquisition will help the brand expand its product offering and global reach, the company said.
True Religion will continue to operate independently. Financial terms of the deal were not disclosed.
“Our partnership with ACON and SB360 represents an exciting new chapter for True Religion,” True Religion’s chief executive Michael Buckley said in a press 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.”
After filing for bankruptcy protection five years ago, True Religion has brokered a comeback in recent years by leaning into its long association with hip-hop culture. Sales grew 20 percent to $280 million in 2023 with $80 million in earnings before interest, taxes, depreciation and amortisation.
The investment is the latest in a series of deals that have seen decades-old independent brands find new owners. The 40-year-old Japanese menswear label Kapital was acquired by LVMH-backed private equity firm L Catterton this month, and Vera Wang was acquired by brand management firm WHP Global in December.
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