Consortium Brand Partners (CBP) has acquired a majority stake in Draper James, the fashion and lifestyle brand founded by actress and entrepreneur Reese Witherspoon.
The consumer-focused investment company will now own roughly 70% of the business, but it will continue to work closely with the current Draper James management group, which is comprised of CEO Erin Moennich, CFO and COO Sarah Foley, and head of design Kathryn Sukey.
According to a news release, Witherspoon will continue to be a partner and board member of the company, working directly with CBP to steer its strategic direction and expansion. The deal’s financial details weren’t made public.
“Draper James was inspired by a deep personal connection to my roots, my family, and the women who shaped me. We are excited to join forces with the team at Consortium, who understand our vision as a company and the importance of our community,” said Witherspoon.
Draper James was established in 2015 and currently operates three physical stores, including its flagship site in Nashville, TN. The business hopes to expand its exclusive RSVP line with Kohl’s and its presence in high-end department and specialty stores by using the infusion of cash.
“We are thrilled to partner with Reese and the entire Draper James team,” said Cory Baker, managing partner of Consortium Brand Partners.
