Earlier this week, True Religion, the beloved fashion brand, announced that a majority stake had been acquired by private equity firm Acon Investments. SB360 Capital Partners, which is led by American Eagle’s chief executive Jay Schottenstein, also participated in the deal. According to the company, the acquisition will help expand the brand’s product offering and global reach. Despite the deal, True Religion will remain independent. Financial details were not disclosed.
“Our partnership with ACON and SB360 represents an exciting new chapter for True Religion,” said True Religion CEO Michael Buckley. “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.”
By leveraging its long association with hip-hop culture, True Religion has made a comeback after filing for bankruptcy protection five years ago. 2023 saw a 20 percent increase in sales and $80 million in earnings before interest, taxes, depreciation, and amortization.
This is the latest deal in a series of deals involving decades-old independent brands. Capital, a 40-year-old Japanese menswear label, was acquired by L Catterton, a private equity firm backed by LVMH, and Vera Wang was acquired by WHP Global last December.