Consortium Brand Partners (CBP), a consumer-focused investment manager, has acquired a majority ownership stake in Draper James, the fashion and lifestyle retail brand founded by actress Reese Witherspoon. Financial terms of the deal have not been disclosed.
Under the agreement, CBP will hold a 70% position of the company’s ownership while maintaining a “collaborative partnership” with the existing Draper James management team, which includes 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 the brand’s strategic direction and growth.
“Draper James is a beloved American brand with a thoughtful aesthetic that has resonated with women across the country,” said Cory Baker, Managing Partner of Consortium Brand Partners in a statement. “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.”
Founded in 2015, Draper James is focused on its next era of growth. Although it initially gained a loyal following online (especially social media) for its strong Southern roots and vast collection of clothing, accessories, and home décor items, the brand now seems especially dedicated to wholesale expansion. Draper James’ DTC ecommerce site and three retail stores will remain open, but the brand also plans to extend its presence globally to premium department and specialty stores, as well as expand its exclusive collection with Kohl’s.