Brief
- Apparel brand True Religion has opened a new store in Cumberland Mall, Atlanta, a move that exceeded its soft opening projections by 68%.
- The new store offers improved merchandising and modern fixtures, enhancing the shopping experience.
- True Religion is backed by a new term loan and revolving credit facility, a move aimed at refinancing existing debt and supporting future plans.
Insight
- True Religion's store count in the U.S. has risen to 46 following the opening.
- The brand, with roots in hip-hop music and culture, sees Atlanta as its spiritual home on the East Coast and has collaborated with local artists.
- Having filed for bankruptcy twice, in 2017 and 2020, True Religion has since successfully exited bankruptcy and appointed Sandip Grewal as dual COO and CFO.
- The brand is marking its 21st anniversary this year with a hip-hop themed fall campaign and a new denim collection in collaboration with AG Club.
Fashion Brand True Religion Unveils First Fresh Retail Space in 4 Years in Atlanta City
Note: The brand's financial struggles and bankruptcies have led to strategic price adjustments for improved accessibility, as a part of its post-bankruptcy recovery.
True Religion Unveils New Store in Georgia, Boosting U.S. Locations to 46
Kickstarting its omnichannel growth strategy, the denim powerhouse True Religion flung open the doors to its first store in over four years. The new branch nestled in Atlanta's Cumberland Mall defied soft opening projections by a whopping 68%. Donning a sizeable 2,000 square feet, this fresh retail space exhibits revamped visual merchandising and cutting-edge fixtures.
Bringing the shopping experience to a new level, the Cumberland store breathes life into its merchandising with improved denim tables, a range of body form sizes showcasing products, and strategically placed light boxes to spotlight core denim pieces. The in-store design also showcases the brand's apparel accessories, such as belts and handbags, with sleek new cabinets.
Fueled by a deal with three entities, True Religion secured a new term loan and revolving credit facility last month. This financial support will allow the company to refinance existing debt, funding its long-term plans.
True Religion's store portfolio in the U.S. now counts 46 locations. Commenting on the expansion, CEO Michael Buckley stated, "We remain a digital-first direct-to-consumer brand and are excited to begin adding more physical stores to our mix in the right markets."
The move to Atlanta is a significant one for the brand, which champions hip-hop music and culture. Founded in 2002, LA-based True Religion views Atlanta as its "spiritual home" on the East Coast. Over the years, the brand has forged collaborations with numerous artists, influencers, and designers from the area, such as 2Chainz, Lil Gnar, and Bluboy.
True Religion's notorious financial woes have captured headlines in recent years. The company filed for bankruptcy twice - first in 2017, followed by 2020, when it was one of the first retailers to seek court protection due to the pandemic-induced operational and financial troubles. At that time, its revenue plummeted by roughly 80% due to temporary store closures.
True Religion exited bankruptcy protection the second time after six months, following a restructuring that lowered operating costs and debt. Simon Property Group and two other financial entities supported the reorganization.
The brand shook up its senior leadership last summer by appointing Sandip Grewal as a dual CEO role, assuming both COO and CFO duties. Previously, Dave Helkey had served as CFO for nearly two years.
As part of its 21st anniversary celebration, True Religion has launched a fall campaign focusing on hip-hop and dropped a new denim collection in collaboration with hip-hop collective AG Club this week.
- True Religion's latest store in Cumberland Mall, Atlanta, has boosted its U.S. location count to 46, surpassing soft opening projections by 68%.
- The new store features improved merchandising and modern fixtures, aiming to enhance the shopping experience.
- Backed by a new term loan and revolving credit facility, True Religion aims to refinance existing debt and support future plans.
- The brand's store expansion strategy aligns with its omnichannel growth, positioning it as a digital-first direct-to-consumer brand.
- True Religion, rooted in hip-hop music and culture, sees Atlanta as its spiritual home on the East Coast and has collaborated with local artists.
- Having filed for bankruptcy twice, in 2017 and 2020, the brand has since successfully exited bankruptcy and appointed Sandip Grewal as dual COO and CFO.
- True Religion, in its 21st anniversary year, has launched a hip-hop themed fall campaign and a new denim collection in collaboration with AG Club.
- Strategic price adjustments have been made post-bankruptcy, enabling improved accessibility as part of the recovery plan.
- The new store exhibits revamped visual merchandising, showcasing denim tables, diverse body form sizes, and light boxes highlighting core denim pieces.
- The collaboration between True Religion and AG Club in the fashion-and-beauty industry signifies a strategic move towards revitalizing the brand's connection with its consumers.
- The brand's financial difficulties, exacerbated by the pandemic, underscore the significant role of resilience, innovation, and adaptability in the retail industry.
