True Religion, the Y2K-era jeans brand, has been acquired by private equity firm ACON Investments and SB360 Capital Partners, chaired by American Eagle CEO Jay Schottenstein. The company, which emerged from its second bankruptcy in 2020, saw its sales grow by 20% to $280 million in 2023, with an EBITDA of $80 million. The terms of the acquisition were not disclosed, but last year, True Religion was expected to sell at a mid-single-digit multiple of its EBITDA. The brand has transformed from a luxury staple to an urban favorite, collaborating with hip-hop stars like Megan Thee Stallion. True Religion’s marketing strategy, led by Kristen D’Arcy, has focused on strategic influencer partnerships. The brand’s jeans, once priced at $300, now average less than $100, aligning with competitors like Levi Strauss. The company aims to expand its assortment, drive direct online sales, and reach more women, with CEO Michael Buckley believing True Religion has the potential to become a billion-dollar brand.
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