Private fairness group Consortium Brand Partners introduced Wednesday it has acquired actress Reese Witherspoon’s style and life-style model, Draper James, by way of a majority stake.
According to the deal, Consortium Brand Partners acquired a 70% stake within the firm for an undisclosed quantity whereas Witherspoon stays a associate and board member within the business.
The Oscar-winning actress, producer and entrepreneur launched the retail model impressed by her Southern roots in 2015 as a direct-to-consumer business promoting clothes in vibrant hues and daring prints, equipment and home objects.
As the business grew, the model subsequently opened three retail places and entered Kohl’s nationwide and kohls.com by way of an unique partnership in 2022.
Following the deal, Consortium Brand Partners stated Draper James merchandise would proceed to promote on-line on the corporate’s web site and at its three retail shops and in Kohl’s.
In the longer term, the non-public fairness group stated, customers may anticipate to see Draper James merchandise broaden into the large field home enchancment house, malls, pet retailer chains and abroad.
“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,” Witherspoon stated in an announcement. “We are excited to join forces with the team at Consortium, who understand our vision as a company and the importance of our community.”
The sale of Draper James comes two years after Witherspoon sold her media company, Hello Sunshine, in 2021 for greater than $900 million to a media firm backed by the private-equity agency Blackstone.
Hello Sunshine was behind a number of of the actress’ TV tasks, akin to “Big Little Lies,” “Little Fires Everywhere” and “The Morning Show.” The business additionally contains Reese’s Book Club. Witherspoon launched the corporate in 2016 as a three way partnership with AT&T.
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