Reese Witherspoon has sold a majority stake in her fashion and lifestyle brand Draper James.
Private equity group Consortium Brand Partners announced on Wednesday that it had acquired the Little Fires Everywhere star’s fashion and lifestyle brand through a majority stake.
“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,” Reese said in a statement, reports CNN. “We are excited to join forces with the team at Consortium, who understand our vision as a company and the importance of our community.”
As part of the deal, Consortium Brand Partners has acquired a 70% stake in Draper James for an undisclosed amount while Reese has remained a partner and board member in the business.
The actress launched the retail brand in 2015, selling clothing, accessories, and home items. Draper James later opened three retail locations and entered Kohl’s department stores across the U.S. through an exclusive partnership in 2022.
The brand will continue to operate from its retail locations and Kohl’s partnership following the deal. However, Consortium Brand Partners also plan to bring Draper James into the big box home improvement space, department stores, pet store chains, and overseas.
The sale comes two years after Reese sold her media company, Hello Sunshine, in 2021 for over $900 million (£720 million) to another media business backed by private equity firm Blackstone.
– Cover Media