True Religion, the premium denim brand known for its handmade jeans, has been acquired by private equity firm Acon Investments and SB360 Capital Partners, associated with American Eagle’s CEO Jay Schottenstein. The brand, which has recently experienced a revival under CEO Michael Buckley, went on sale after its second bankruptcy in 2020. In 2023, True Religion reported a 20% sales growth, reaching $280 million, with an EBITDA of $80 million.
The partnership with Acon and SB360 aims to enhance True Religion’s digital and retail capabilities and accelerate international growth. Founded in 2002, True Religion was initially popular among celebrities but faced decline by the 2010s, leading to bankruptcy. Buckley returned to the company in 2019, focusing on lowering prices and targeting a more diverse consumer base with average incomes of $60,000 to $65,000.
The brand has also embraced Y2K fashion trends, collaborating with influencers like Megan Thee Stallion and Jayda Cheaves. As jeans regain popularity among younger shoppers, True Religion is positioned to compete more effectively, aiming to expand online sales and cater more to women, with aspirations of becoming a billion-dollar brand.
