Fund manager Consortium Brand Partners has acquired a 70 percent stake in Reese Witherspoon’s fashion and lifestyle brand Draper James. Terms of the deal were not disclosed.
Witherspoon will retain her minority stake in the brand, as well as a board seat and position as partner. Draper James chief executive Erin Moennich, CFO and COO Sarah Foley and head of design Kathryn Sukey will also remain in their respective positions.
The actress founded the brand in 2015, and that same year, raised $10 million in Series B funding led by venture capital firm Forerunner Ventures. Under its new management, the brand is set to expand its product offering into segments like homewares and children’s, and into new international markets, said CBP managing partner Cory Baker in a statement.
Since its launch, Draper James has collaborated with a number of brands, including apparel company Lands’ End, the ski apparel brand Fera and the sneaker brand Tretorn. In 2021, the brand partnered with the department store Kohl’s to launch a collection called Draper James RSVP, and then in 2022, the brand expanded into the retail chain’s stores nationwide. It operates three brick-and-mortar locations, two in Nashville, Tenn. and one in Lexington, Ky.
Oprah and Reese Witherspoon Invest in Spanx at $1.2 Billion Valuation
Oprah Winfrey and the actress Reese Witherspoon were among new investors in Spanx Inc. as the womenswear brand completed a majority sale to funds managed by Blackstone Inc.