Private equity group Consortium Brand Partners announced Wednesday it has acquired actress Reese Witherspoon's fashion and lifestyle brand, Draper James, through a majority stake.
According to the deal, Consortium Brand Partners acquired a 70% stake in the company for an undisclosed amount while Witherspoon remains a partner and board member in the business.
The Oscar-winning actress, producer and entrepreneur launched the retail brand inspired by her Southern roots in 2015 as a direct-to-consumer business selling clothing in bright hues and bold prints, accessories and home items.
As the business grew, the brand subsequently opened three retail locations and entered Kohl's nationwide and kohls.com through an exclusive partnership in 2022.
Following the deal, Consortium Brand Partners said Draper James products would continue to sell online on the company's website and at its three retail stores and in Kohl's.
In the future, the private equity group said, consumers could expect to see Draper James merchandise expand into the big box home improvement space, department stores, pet store chains and overseas.
"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 said in a statement. "We are excited to join forces with the team at Consortium, who understand our vision as a company and the importance of our community."
