True Religion Acquired by Private Equity Firm

True Religion, the jeans brand that went up for sale last year after facing two bankruptcies, has been acquired by private equity firm ACON Investments and retail investment firm SB360 Capital Partners, according to a press release sent by ACON Tuesday. The terms of the deal weren't disclosed. The investment fund SB360 Capital Partners is chaired by Jay Schottenstein, American Eagle's CEO.

True Religion's CEO Michael Buckley — who served as president of the brand from 2006 to 2010 and returned as CEO in 2019 to help guide it through a "massive restructuring," according to Forbes — said in the release that the partnership meant True Religion was "poised to enhance our digital and retail capabilities, accelerate our international growth, and continue innovating our apparel offering."

The ACON portfolio is vast, including retailers and brands such as Spirit Halloween, Spencer's, Igloo, Beauty By Imagination, New Era, and several South American companies.

Total Retail's Take: True Religion, known for its $300 jeans with a horseshoe logo on the back pocket, became popular in the early 2000s but faltered in the 2010s; the company first filed for bankruptcy in 2017, then again in 2020 during the COVID-19 pandemic. However, with the help of Buckley and Chief Marketing Officer Kristen D'Arcy, True Religion's sales grew 20 percent to $280 million in 2023, CNBC reported. The company benefited from partnerships with influencers and artists such as Megan Thee Stallion and Jayda Cheaves, along with a resurgence of Y2K fashion among younger consumers. The price of its signature jeans has also dropped to between $100 and $200. The brand has gained consumer attention due to its marketing investments, and now with a solid financial backing from its new owners is poised to continue its recent momentum and grow in the future.