Consortium Brand Partners (CBP) has acquired a majority stake in Draper James, the fashion and lifestyle brand founded by actress and entrepreneur Reese Witherspoon.
The consumer-focused investment firm will now hold approximately a 70% position of the company’s ownership while maintaining a collaborative partnership with the existing Draper James management team, led by CEO Erin Moennich, CFO and COO Sarah Foley, and head of design, Kathryn Sukey.
Witherspoon will remain a partner and board member in the business, working closely with CBP to guide its strategic direction and growth, according to a press release.
Financials terms of the deal were not disclosed.
“Draper James was inspired by a deep personal connection to my roots, my family, and the women who shaped me. It’s been so amazing to see so many women connect with this brand, our products, and our mission to bring a little southern joy into everyone’s homes and wardrobes,” said Witherspoon.
“We are excited to join forces with the team at Consortium, who understand our vision as a company and the importance of our community. They are the perfect partners for Draper James as we continue to grow and build this brand and I’m looking forward to this next phase in our journey.”
Founded in 2015, Draper James boasts an online store and three retail stores, including its flagship location in Nashville, TN. With the cash injection, the brand is looking to extend its presence globally to premium department and specialty stores, along with expanding its exclusive RSVP collection with Kohl’s.
“We are thrilled to partner with Reese and the entire Draper James team,” said Cory Baker, managing partner of Consortium Brand Partners.
“Draper James is a beloved American brand with a thoughtful aesthetic that has resonated with women across the country. We are excited to collaborate with Reese, tapping into the ethos of her brand and reaching even greater heights, as we expand the brand with new product offerings, across retail, domestically and internationally.”
Copyright © 2023 FashionNetwork.com All rights reserved.