So, picture this. It’s 2019, and I’m digging through a dusty pile of jeans at a thrift store in Portland. My fingers snag on a pair of heavily-stitched, rhinestone-encrusted denim with a signature horseshoe logo. True Religion. I remember thinking, “Wait, didn’t these just explode in the early 2000s? Who actually owns this circus now?” I bought them for $12. The real question—who owns the whole empire?—took a lot more digging.
Here’s the fun part: the brand you either love or roll your eyes at has had more owners than a reality TV star has exes. And it’s a wild ride. Let’s untangle that tangled denim thread together.
The Original Architects: Not Who You’d Think
The story starts in 2002 with two guys named Jeffrey Lubell and Kym Gold. Yes, a husband-and-wife team created the “Super T” stitch. Gold was the creative soul; Lubell was the business brain. They saw a gap in the market for a premium, loud jean that was basically a status symbol on your butt.
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It worked. By 2007, hip-hop royalty and reality TV stars were practically swimming in those bell-bottoms. But behind the scenes, the marriage was falling apart—and so was the partnership. Lubell bought out Gold’s stake in 2007. He became the sole founder-owner. Awkward Thanksgiving dinners, anyone?
The Bankruptcy Dive (Because Every Good Story Needs a Crash)
Fast-forward to 2017. Denim trends shifted to skinny jeans, and True Religion got left in the dust like a flip phone at an iPhone launch. The company filed for Chapter 11 bankruptcy. Ouch. Lubell lost control. A group called Kurt Geiger Ltd. (a British shoe brand, of all things) scooped up the rights for about $340 million. They were the temporary landlords.
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But here’s the kicker—Kurt Geiger didn’t own a single pair of jeans. They were just the gatekeepers. Then, in 2020, the brand filed for bankruptcy again. Yes, again. It felt like watching a tattoo fade; you knew it was there, but nobody wanted to admit it was permanent.
Enter the “New Saviors” (AKA the Current Boss)
This is where it gets spicy. In 2020, a company called Whippoorwill Associates, Inc. (a private equity firm you’ve never heard of) and SB360 Capital Partners bought True Religion out of its second bankruptcy. But they didn’t want to run it—they wanted to flip it like a house on a renovation show. And they did.
奢華時尚丹寧品牌 True Religion 20週年 回歸品牌「一切都是關於合身」初衷 - KEEDAN.COM
So, who owns it today? As of 2023, the majority owner is ACON Investments, a private equity firm based in Washington, D.C. They bought a controlling stake in 2021, and they brought in former Vans and Levi’s executives to steer the ship. Fancy, right?
But wait—there’s a smaller partner: Gramercy Park Capital, a credit-focused investment firm. They basically hold the keys to the cash vault. So, technically, ACON Investments is the boss, but Gramercy is the landlord. Imagine sharing a car with someone who owns the gas station. That’s them.
True Religion Inks Lease at Busy Queens Center Mall – Commercial Observer
The Face of the Brand: Who’s Wearing It?
You might think the owner is some celebrity—maybe Kylie Jenner or Travis Barker. Nope. They’ve just worn the jeans. The real ownership is a bunch of suits in offices, staring at spreadsheets like, “How do we sell more rhinestones to Gen Z?”
Ironically, the brand’s current creative director, Courtney Crystal, isn’t even the owner. She’s the one making it cool again. The real owner is just a dollar sign on a contract. Feels a bit empty, doesn’t it?
The Surprising Story Behind True Religion Jeans' Founder | ShunVogue
So, What Happened to the Original Dream?
Jeffrey Lubell? He’s out. He started a new jean brand called No Good. (I’m not kidding. Check your attitude at the door.) Kym Gold? She’s into art and philanthropy now. They both walked away with millions, but not the crown. That 12-dollar thrift store pair I bought? They’re now owned by ACON. Wild.
The lesson? True Religion has no single “owner” in the way you think. It’s a ghost of its founders, currently run by financial caretakers who care about your pants only if they sell. Next time you see that horseshoe logo, just remember: the real owner is a group of investors named after a bird call (Whippoorwill) and a park in Manhattan (Gramercy). And they probably don’t even own a pair of the jeans.
But hey, that’s fashion for you. Who needs a soul when you have a good balance sheet?