Why did Reese Witherspoon sell her fashion brand Draper James? Drama explained

It was announced on September 6, 2023, via a press release that Reese Witherspoon's fashion brand Draper James is being acquired by a fund management firm. The acquisition by Consortium Brand Partners has stirred up the buyers of the brand who are now worried about the same.

The Legally Blonde star decided to give up a large amount of shares from the brand but will continue to be an internal member of the directory board. The decision was made due to the high prevalence of digital imprints which has reduced the importance of physical stores. Needless to say, this has become a major issue for the brand.

Consortium Brand Partners will build strategies and plans to increase the growth and business of Draper James. The press release about the acquisition noted that Consortium has acquired nearly 70% of Draper James. However, the financial details of the same weren't released at the time of writing this article.

Reese Witherspoon, an Oscar-winning actress, producer, and entrepreneur, founded Draper James in 2015. The brand is a stylistic way to pay homage to her grandparents as Witherspoon took a lot of inspiration from them.

Meanwhile, Consortium Brand Partners is a fund management firm owned by several leaders and experts. Micheal DeVirgilio and Cory M. Baker founded the firm where Jonathan Greller is working there as the president.

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Reese Witherspoon's brand Draper James acquired by Consortium Brand Partners to help elevate business

Through this partnership, Draper James will try to bring changes in their strategy to do more business while keeping the existing website the same. The marketing team leader and the CEO of the brand Erin Moennich will work closely with the CFO Sarah Foley and Kathryn Sukey, the creative director of Draper James.

Regarding this collaboration, in the press release, the Your Place or Mine actress said that they were excited to "join forces" with Consortium. She noted that the latter understood the company's vision and the importance of their community. Witherspoon went on to call them the "perfect partners for Draper James" as they continue to grow and build the brand. She also said that she is looking forward to the next phase of the brand's journey.

The new co-partner of Draper James, Consortium founder Cory Baker also made a statement about the same.

"We are thrilled to partner with Reese and the entire Draper James team. Draper James is a beloved American brand with a thoughtful aesthetic that has resonated with women across the country," Cory said.

The founder continued:

"We are excited to collaborate with Reese, tapping into the ethos of her brand and reaching even greater heights, as we expand the brand with new product offerings, across retail, domestically and internationally."

It can be anticipated that through this collaborative partnership, the brand will bring out more futuristic designs to their buyers after elevating a good strategy.

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Reese Witherspoon's fashion brand Draper James aims to bring a "little Southern joy into everyone's home and wardrobe"

Whether it is the floral printed midi dress or the gingham activewear, Draper James has won the hearts of its buyers with its futuristic designs and patterns. Entrepreneur and the author of Busy Betty, Reese has shared her inspiration behind the brand.

She said that the brand was inspired by a "deep personal connection" to her roots, her family, and the women who helped her become who she is.

"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,” the actress added.

The brand was established in Nashville in 2015 after Reese wanted to adorn the store and fashion collection with the teachings of her grandparents. Her grandmother Dorothea Draper taught the actress about the elegance of women and how to portray it.