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True Religion Acquired by Private Equity Firm Acon Investments

The deal, which included participation from American Eagle’s chief executive, will help the denim maker expand globally.
True Religion's partnerships with hip-hop artists like Chief Keef, Saweetie and Moneybagg Yo have helped drive revenues and relevance in urban culture.
True Religion's partnerships with hip-hop artists like Chief Keef, Saweetie and Moneybagg Yo have helped drive revenues and relevance in urban culture. (True Religion/BoF)
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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.”

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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.

Learn more:

True Religion’s Hip-Hop Powered Comeback

Even as the premium denim seller lost its hold on many consumers in the 2010s, hip-hop movers and shakers never wavered in their affinity for the horseshoe logo and signature thick stitching. That’s helping the brand mount a rebound today.

About the author
Malique Morris
Malique Morris

Malique Morris is Senior E-Commerce Correspondent at The Business of Fashion. He is based in New York and covers digital-native brands and shifts in the online shopping industry.

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