Retail News CRM

Tag: True Religion

  • True Religion back in bankruptcy as Covid-19 cripples sales

    True Religion back in bankruptcy as Covid-19 cripples sales

    Denim apparel retailer True Religion has filed for bankruptcy for the second time within three years.

    The brand’s latest crisis was brought on by the coronavirus outbreak, which has seen more than 95 percent of the American market under lockdown. In a statement, True Religion said it had found itself unable to wait out the pause in trading.

    The firm’s foremost lenders ABL and Term Loan are investing in the brand’s reorganization efforts under Chapter 11 bankruptcy proceedings, according to CEO Michael Buckley. The firm registered US$100 million in assets against $500 million in liabilities in its court filing this week.

    The firm emerged with a streamlined store network and a stronger financial position after its last bankruptcy, which had the support of lenders and came with an exit strategy pre-mapped out.

    “In the near term, and until our stores open up, we will be continuing as we have,” said Buckley, “to run our e-commerce businesses in the same way we did prior to filing for Chapter 11”.

  • True Religion’s Back Thanks to Bella Hadid

    True Religion’s Back Thanks to Bella Hadid

    Californian model Bella Hadid is the new face of True Religion Jeans.

    The popular supermodel’s signing marks a deliberate pitch by the denim brand to appeal to a younger consumer market as the brand continues to rebuild after a four-month spell in bankruptcy protection last year.

    Hadid “embodies all things True Religion, past, present and future; iconic, edgy and everlasting,” the company said in a statement announcing the appointment.

    “An inherit fan of the brand, Bella was the natural choice to meld the iconic essence of the brand with the modern view of its future.”

    Hadid, 21, the daughter of former Dutch-born model Yolanda Hadid and Palestinian-American real-estate developer, has previously been engaged by Dior makeup, Givenchy, Victoria’s Secret’s Pink brand, Fendi and Tag Heuer, among many others.

    For her True Religion Jeans debut, Hadid was photographed by Boo George and styled by Mimi Cuttrell to create a series of images and complementary looks “that usher True Religion into a new era that honours the heritage of the brand”.

    Despite its boasts of “heritage”, True Religion Jeans is a relatively young brand, founded in 2002. After its bankruptcy, which had the support of lenders and came with an exit strategy pre mapped out, the company emerged with a streamlined store network and a stronger financial position.

    Now, with “a quintessential, confident LA girl” as the new face of True Religion Jeans, the brand is looking to expand not just in the US, but internationally.

    “Bella’s voice was not only an inspiration, but an integral part in imagining this campaign, envisioning the brand through her eyes for the next generation of True Religion fans,” said the company.

    Lees ook:

    Lees ook:

    Lees ook:

  • True Religion undergoes resurrection

    True Religion undergoes resurrection

    US denim brand True Religion has emerged from Chapter 11 bankruptcy protection after just four months, with key stakeholders agreeing to a reorganisation plan ratified by the Delaware Bankruptcy Court.

    True Religion is now free to trade with a substantially reduced debt burden. Term loans have fallen from $471 million to $113.5 million with longer term maturity.

    “With substantial debt burden removed, we are eager to turn our full attention to implementing our forward-thinking strategy, including improving our retail operations, new partnerships and growing the brand’s digital presence,” said CEO John Ermatinger.

    “We would like to thank our consumers, our employees, vendors and suppliers for their unwavering support and continued dedication to the True Religion brand,” he added.

    “With the consummation of this restructure, we are very excited and poised for the future.”

    The company has also revealed a profit of of $13.6 million in the period to September, up 46 per cent on the same period last year.

    True Religion was founded in 2002, focusing on “crafted denim” along with vintage-inspired knits, graphic t-shirts and activewear.

    Lees ook:

  • Bauhaus sales slide

    Bauhaus sales slide

    Denim retailer Bauhaus International says its same-store sales in Hong Kong and Macau fell seven per cent in its second half year to September 30.

    The Hong Kong-listed street fashion retailer had 211 self-managed stores at the end of the first half year – 96 in Taiwan, 86 in Hong Kong and Macau and 29 in the mainland.

    Bauhaus International told the told the Hong Kong Stock Exchange that its same-store sales generally had slipped eight per cent overall.

    It has not released same store sales data.

    The company sells a range of imported denim and t-shirt brands including Desigual, Evisu, Superdry, True Religion and Red Pepper.

  • Bauhaus in sales slide

    Bauhaus in sales slide

    Denim retailer Bauhaus says its same store sales have slumped in Taiwan and Hong Kong in the last quarter.

    Same store sales fell 17 per cent in Taiwan and nine per cent in Hong Kong, but remained stable in Mainland China.

    The Hong Kong-listed street fashion retailer has 211 self-managed stores – 96 in Taiwan, 86 in Hong Kong and Macau and 29 in the mainland.

    Quarter on quarter it added three in Hong Kong-Macau, one in Taiwan and closed two in the mainland.

    Bauhaus did not offer any commentary on the figures.

    The retailer sells a range of imported denim and t-shirt brands including Desigual, Evisu, Superdry, True Religion and Red Pepper.

    Lees ook:

    Lees ook: