The Rise and Fall of True Religion Jeans…How it Happened Part 5 : Late Internal Chaos
Internal chaos and private equity drew the way for Bankruptcy
In the middle of 2013, TowerBrook Capital Partners, an investment management firm, acquired True Religion for $835 million. At that moment, True Religion’s common stock was priced at $32 per share.
By the end of 2013, True Religion recorded annual revenue of $490 million. But everything changed from that year onwards; particularly the category of jeans saw sales decline due to the high demand for athletic wear. This was certainly something which True Religion was not prepared for, and they were too late to adopt to this 'athleisure' clothing trend.
The worst part here was that True Religion never launched into the eCommerce space. They believed in the old brick and mortar stores, which had worked for them for a decade.
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