Reese Witherspoon Sells Majority Stake In Fashion Brand 'Draper James'

justjared.com:

Reese Witherspoon has made another big change in her professional life. According to CNN, the 47-year-old actress and producer has sold a majority stake in her fashion line, Draper James. Keep reading to find out more… It’s reported that a private equity group called Consortium Brand Partners acquired the brand by purchasing a majority stake in it.

The actual amount was not revealed, but the group did share that they now have a 70% stake. Reese will continued to be a partner, and board member in the business. “Draper James was inspired by a deep personal connection to my roots, my family, and the women who shaped me.

It’s been so amazing to see so many women connect with this brand, our products, and our mission to bring a little southern joy into everyone’s homes and wardrobes,” Reese shared in a statement. “We are excited to join forces with the team at Consortium, who understand our vision as a company and the importance of our community.” Following the sale, Draper James is expected to expand into “big box” stores, pet store chains and overseas locations. Reese launched the brand in 2015, which includes clothing, accessories and home items.

Just a few years ago, Reese made major headlines when she stole a majority stake in her production company, Hello Sunshine, for close to a billion dollars.