Reflecting True Religion’s momentum, the denim, sportswear and accessories brand distinguished by its “Super T” stitch, has secured a minority investment from Borletti Group, which is set to help contribute to its growth.
Washington, D.C.-based private equity Acon Investments and SB360 Capital Partners, a Schottenstein affiliate, took a majority stake in True Religion last January and they remain majority shareholders.
Financial details were not disclosed.
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“We are thrilled to support True Religion at such an exciting stage of its growth journey. Our decision to invest was driven by the brand’s outstanding performance, particularly over the past four years, and by its clear growth trajectory and high profitability,” said Maurizio Borletti, cofounder and partner of Borletti Group. “We look forward to actively contributing to True Religion’s development, bringing our expertise in the retail and fashion sectors, our international network and a strategic vision focused on digital expansion and omnichannel growth.”
Borletti Group was also founded by Paolo De Spirt, and has more than two decades of experience investing in premium and lifestyle brands ranging from Printemps and Rinascente to MooRER and Zimmermann.
Acon led the transaction with the support of Borletti Group and its co-investors (including Azimut through the AZ RAIF II-Private Equity Borletti Investment fund and the founders of Moose Knuckles), and with the Schottenstein Group, which has a network of apparel and retail businesses that includes American Eagle Outfitters.
Founded in 2002, True Religion is headquartered in Los Angeles and is led chief executive officer Michael Buckley.
As reported, the brand, positioned in the accessible range, is aiming to reach $1 billion in annual sales in three to five years. The business is expected to reach $450 million in volume in 2025, driven by focused marketing and merchandising centered on hip-hop and rap performers and sports figures; showy logos; moderate prices; promotions, and edgier styles, such as Super T miniskirts and short shorts; slouchy, baggy men’s jeans, and often formfitting midriff-baring women’s outfits. Its e-commerce business is up 35 percent year-to-date, Buckley told WWD, SJ Denim’s sister publication, in March.
Last year True Religion launched its holiday campaign with Megan Thee Stallion and Hunxho. Saweetie has also fronted images for the brand. In February, the label tapped Brazilian pop star Anitta to kick off its new marketing platform, called “Own Your True.”
In 2002, True Religion emerged onto the Los Angeles denim scene by blowing up the construction of the classic five-pocket jean. With its five-needle thread at a two-stitch-per-inch process, the True Religion Super T stitch has been recognized for its unique look.
Borletti is the former Rinascente president and De Spirt is a former Emanuel Ungaro CEO. They formed Borletti Group in 2005 and in 2016 it was part of a consortium that completed the acquisition of Grandi Stazioni Retail from Italian state railway company Ferrovie dello Stato Italiane and private investment vehicle Eurostazioni, providing exclusive rights to the commercial leasing and advertising spaces of some of the main railway stations in Italy.
Borletti Group was among the investors that acquired Italian department store chain La Rinascente in 2005 and French department store chain Printemps in 2006. De Spirt was a member of the Printemps board from 2006 until 2013.
La Rinascente was sold to Thai group Central Retail Corp. in 2011, and Printemps in 2013 to Divine Investments SA, a Luxembourg-based investment fund backed by Sheikh Hamad bin Khalifa Al Thani, the former emir of Qatar.
