True Religion, a jeans maker founded during the Y2K era, has seen growth in the past year after emerging from two bankruptcies. According to a popular business outlet, the jeans maker’s hedge fund wants to sell the famous jeans brand.

CNBC reported the possibility of a sale as the company returns to profitability and growth. People familiar with the matter spoke to the outlet and said there was a 20 percent increase in sales of True Religion jeans in 2023, and the quoted sales figure for the year was roughly $280 million. The company’s earnings before interest, tax, depreciation, and amortization were reportedly $80 million.

They also said that the sale discussions were private, and the process reportedly began in January. The hedge fund looks at potential purchasers, including private equity firms with a consumer focus and large publicly traded apparel companies.

The outlet also said that Baird had been hired by True Religion’s owner, Farmstead Capital Management, to oversee the sale. However, neither True Religion nor Baird confirmed the news.

True Religion was founded in 2002. It became popular with celebrity stars, including Jessica Simpson and Britney Spears. The jeans cost about $200 to $300 per pair and were available at high-end stores.

True Religion went public in 2003. However, sales declined as competitors such as Gap and Levi Strauss. It was taken private in 2013 as sales declined and filed for bankruptcy in 2017.

True Religion emerged from bankruptcy, but it was short-lived as it filed for bankruptcy for a second time during COVID-19. However, it was back in profitability in 2023 and began selling jeans under $100. The hedge fund owner is now looking at selling the brand.

CEO Michael Buckley told CNBC that True Religion has the potential to become a billion-dollar brand. He also said that his plans for the jeans brand include doubling revenue through a focus on digital sales, expanding its product range, and attracting female shoppers.

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