{{Short description|American clothing company}} {{other uses}} {{Infobox company |name = True Religion |logo = File:True Religion (logo).svg |image_width = |type = Private |foundation = {{date and age|2002}} |founders = Kym Gold<br/>Jeff Lubell |location = Gardena, California, U.S. |area_served = Worldwide |key_people = Michael Buckley<br/><small> CEO</small> |industry = Designer jeans, clothing |products = |revenue = |operating_income = |net_income = |assets = |equity = |num_employees = |homepage = {{URL|http://www.truereligion.com}} |subsid = }}
'''True Religion Brand Jeans''' is an American clothing company established in 2002 by Jeff Lubell and fashion designer Kym Gold and is based in Vernon, California.
== Overview == Founded in 2002 by then-husband and wife team Jeff Lubell and Kym Gold, True Religion brand designer jeans are manufactured from premium denim. They also make designer clothing, some of which is made in the United States. In 2009, True Religion was sold in about 900 boutiques and specialty stores in 50 countries on six continents.<ref>{{Cite web |title=True Religion Apparel, Inc. |url=https://www.annualreports.com/Company/4998 |url-status=dead |archive-url=https://web.archive.org/web/20090226234141/https://www.annualreports.com/Company/4998 |archive-date=2009-02-26 |website=AnnualReports.com}}</ref> In May 2021, the company owned 50 retail stores in 30 countries.<ref>{{cite news |last1=Edelson |first1=Sharon |title=True Religion CEO Michael Buckley Talks Turnaround And International Growth |url=https://www.forbes.com/sites/sharonedelson/2021/05/06/true-religion-ceo-michael-buckley-talks-turnaround-and-international-growth/?sh=7404bfbd57f0 |access-date=16 August 2022 |work=Forbes |date=2021-05-06}}</ref>
==History== Unusually, the brand began with the 2002 production of about 14,000 pairs of jeans, being, the co-founder Lubell has remarked, contrary to the typical business model, in which "you make a sample line, go to market, get orders, and ship your production."<ref name=CNN>{{cite news |last1=Abkowitz |first1=Alyssa |title=How True Religion jeans got started |url=https://money.cnn.com/2009/11/16/news/companies/true_religion_jeans.fortune/index.htm |archive-url=https://web.archive.org/web/20091118085918/http://money.cnn.com/2009/11/16/news/companies/true_religion_jeans.fortune/index.htm |url-status=dead |archive-date=November 18, 2009 |access-date=16 August 2022 |work=Fortune |publisher=CNN |date=2009-11-16}}</ref> The company adopted a business model in which everything was outsourced, depending on contractors "to do everything."<ref name=CNN/>
Its flagship store opened in 2005, in Manhattan Beach, California. True Religion products are also sold at major department stores, including Von Maur, Nordstrom, Bloomingdales, Saks Fifth Avenue.<ref>{{cite web |url=http://www.truereligion.com/store/storelocator.aspx |title=Store Locator |publisher= |date= |accessdate=June 19, 2013 |archive-date=July 3, 2014 |archive-url=https://web.archive.org/web/20140703213707/http://www.truereligion.com/store/storelocator.aspx |url-status=dead }}</ref>
True Religion was purchased by TowerBrook Capital Partners on May 10, 2013. The acquisition provided shareholders a 152% premium to True Religion's share price on October 9, 2012.<ref>{{cite web|url=http://www.pehub.com/2013/05/towerbrook-capital-buy-true-religion-835-mln-deal/ |title=PE Purchase |publisher= |date= 10 May 2013|accessdate=January 8, 2014}}</ref> The stock had fallen 40% in 2012 up to October 9, 2012, due to a poor pre-Christmas sales in 2011, and concern that a shrinking number of shoppers were willing to purchase True Religion's high-priced jeans.<ref name="forbes">{{cite web|title=When A Bullish Bet On True Religion Paid Off With A 24% Return|url=https://www.forbes.com/sites/abrambrown/2013/05/10/when-a-bullish-bet-on-true-religion-paid-off-with-a-24-return/|work=Forbes |date=10 May 2013 |accessdate=10 September 2014}}</ref> ''Forbes'' also noted that, over the prior three years, True Religion shares had gained just 11.6% while shares in comparable luxury-goods companies VF Corporation, Ralph Lauren Corporation, and PVH Corp. had each more than doubled in value.<ref name="forbes"/> Prior to the purchase, True Religion traded on NASDAQ under the symbol TRLG.<ref>{{Cite web|url=http://www.nasdaq.com/markets/spos/company/true-religion-apparel-inc-92222-37816|title=TRUE RELIGION APPAREL INC (TRLG) SPO|website=NASDAQ.com|language=en-us|access-date=2018-12-29}}</ref>
In November 2019, the company's former president<ref name=WWD/> Michael Buckley was appointed CEO, returning to aid in recovery from bankruptcy.<ref name=Vogue>{{cite news |last1=BENISSAN |first1=Ezreen |title=How Juicy Couture and True Religion made a comeback |url=https://www.voguebusiness.com/fashion/how-juicy-couture-and-true-religion-made-a-comeback |access-date=16 August 2022 |work=Vogue |date=2021-12-13}}</ref> Subsequently, Buckley re-hired designer Zihaad Wells as creative director, who had, in late 2006, resigned from Levi's in Europe to join True Religion,<ref name=WWD/> also at Buckley's request.<ref name=Vogue/>
True Religion filed for Chapter 11 bankruptcy protection on July 5, 2017, acknowledging that it had $534.7 million in liabilities and only $243.3 million in assets.<ref name=":0">{{cite web |last1=Wattles |first1=Jackie |title=True Religion files for bankruptcy |url=https://money.cnn.com/2017/07/05/news/companies/true-religion-bankruptcy/index.html |archive-url=https://web.archive.org/web/20170705222319/http://money.cnn.com/2017/07/05/news/companies/true-religion-bankruptcy/index.html |url-status=dead |archive-date=July 5, 2017 |website=money.cnn.com |accessdate=July 17, 2018 |date=July 5, 2017}}</ref> It then announced the closure of 27 stores in the United States.<ref>{{cite news |first1=Nathan |last1=Bomey |first2=Sophia |last2=Tulp |first3=Kellie |last3=Ell |title=True Religion to close 27 stores after bankruptcy filing: See the list |url=https://www.usatoday.com/story/money/2017/07/05/true-religion-store-closures/453494001/ |accessdate=July 17, 2018 |newspaper=USA Today |date=July 5, 2017}}</ref><ref name=":0" />
In April 2020, the design company again filed for bankruptcy,<ref>{{cite news|title=True Religion Files for Bankruptcy Again as Denim's Allure Fades|url=https://www.bloomberg.com/news/articles/2020-04-13/true-religion-files-for-bankruptcy-again-as-denim-s-allure-fades|publisher=Bloomberg|date=April 13, 2020}}</ref> closing 37 locations, resulting in a total of 49 stores remaining. The second bankruptcy was completed in November 2020,<ref name=WWD>{{cite web |last1=Moin |first1=David |title=Behind a Rebound, True Religion Aims to Double Revenues |url=https://wwd.com/business-news/markets/true-religion-michael-buckley-1234962798/ |access-date=16 August 2022 |website=WWD.com |publisher=Women's Wear Daily |date=2021-10-04}}</ref> and the company was considered to have rebounded the following year.<ref name=WWD/><ref name=Vogue/><ref name=":0" />
The company appeared to rebound in 2021, with sales topping $235 million.<ref name=WWD/><ref name=Vogue/>
==See also== *Retail apocalypse
==References== {{Reflist|2}}
==External links== * {{Official website|http://www.truereligion.com}} * [https://www.google.com/finance/quote/TRLG:LON?fstype=ii True Religion Apparel, Inc. financials]
{{Clear}}
Category:Jeans by brand Category:Clothing brands of the United States Category:2000s fashion Category:2010s fashion Category:Companies based in Los Angeles County, California Category:American companies established in 2002 Category:Clothing companies established in 2002 Category:2002 establishments in California Category:Manhattan Beach, California Category:Companies based in Vernon, California Category:2013 mergers and acquisitions Category:Companies that filed for Chapter 11 bankruptcy in 2017 Category:Companies that filed for Chapter 11 bankruptcy in 2020