EXCLUSIVE: Draper James Names New CEO, Maps Out Expansion Plans Under Consortium

The Reese Witherspoon-founded Draper James is majority owned by Consortium Brand Partners, a new player on the brand acquisition scene.

The term “lifestyle brand” has become one of the most overused in the fashion business. But when it comes to Draper James, the description is accurate.Now Draper James has brought an industry veteran on board to accelerate its growth. Jeannie Yoo, who has 15 years of experience at Coach, Michael Kors and, most recently, Adam Lippes, joined Oct. 15 as chief executive officer. She will take the reins from Erin Moennich, who will exit the brand at the end of the month.

Yoo said that what helped seal the deal for her is that Draper James was founded by Witherspoon. “I think the storytelling is so authentic, and the community that Reese and the team have built is just incredible,” she said. “I knew in my next chapter that I wanted to work for a brand that was woman-founded. But it’s not just that. Reese wants to create a legacy brand that honors her grandparents.”

“We were trailblazers,” said Parsley. “The neighborhood wasn’t half as hot when we first got there, but it’s really picked up.” She said the store’s cabana striped wall, a signature of Draper James, has emerged as a popular Instagram photo spot and the design and decor of the store really immerses visitors in the Draper James aesthetic.The strong performance of that store gives Consortium the confidence to open more stores.

Greller added: “When you look at our e-commerce business, it follows a U shape, so from Northern California through Texas, Florida and even into Connecticut. There’s an ability to go where the opportunities are and Jeannie and her team will look at that for sure.” That message also resonates outside the U.S., they said. Mexico, Australia and the European Union are among the markets the company has identified as its first targets.

The executive team declined to provide a volume figure for Draper James but said they have high hopes to further expand the company. “We’re brand accelerators,” Greller said. And that means signing licenses when it makes sense, such as with sleepwear, as well as operating stores and running e-commerce businesses. “We’re not just a licensing portfolio company.”

So they set out to create a different structure where investors were both both strategic and institutional. Traditionally, institutional investors such as Ares, Leonard Green and even their old partners at Marquee, Neuberger Berman, “are great for dry powder and for capital to do deals, but they can’t actually help you grow your brands,” Baker explained.

DeVirgilio said that other firms tend to gravitate toward distressed brands while Consortium concentrates more on what it views as businesses with growth opportunities or those that “need that extra jet fuel.”They used Outdoor Voices as an example.

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