Draper James, the American clothing line founded by Oscar-winning actress Reese Witherspoon, has sold 70% of its stakes to Consortium Brand Partners. The sale lends its steering to control the company’s strategic direction and expansion.
Although the two parties have not disclosed contract terms, Witherspoon holds a minority stake and enjoys a position as a partner. Furthermore, certain employees in the company retain their respective positions, including Chief Executive Erin Moennich, CFO and COO Sarah Foley, and Head of Design Kathryn Sukey.
Moreover, as part of this deal, the brand will continue selling its products via its website, three retail stores, and the Kohl’s platform.
With a vision to impart contemporary yet timeless Southern fashion, Witherspoon founded the business in 2015. Its product catalogue comprises a wide range of clothing, accessories, and home décor. That same year, it acquired $10 million in Series B funding, headed by Forerunner Ventures.
A Dig Into Draper James’ Strategic Partnership
In an increasingly saturated lifestyle market, Draper James has strategically partnered with other brands to highlight its presence. Whether it’s a partnership with the plus-size brand Eloquii or with Kohl’s to launch DJ RSVP, its collaborations with high-profile retailers have gained consumers’ trust.
Similarly, this joint venture will support Draper James, a fashion and lifestyle company, and Consortium Brand Partners, a private equity investment firm.
Witherspoon mentioned the cause behind its collaboration with Consortium Brand Partners, explaining, “We are excited to join forces with the team at Consortium, who understand our vision as a company. They are the perfect partners for our brand as we continue to grow and build this brand.”
On the other hand, Consortium Brand Partners also exchanged similar sentiments. Its managing partner, Cory Baker, tagged Draper James as a beloved American brand for its aesthetic vision and creative ideas. Baker also showed excitement over this collaboration and high hopes regarding its success in domestic and international markets.