Business

A bevy of believers bid on True Religion

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The True Religion denim label is being circled by a bevy of prospective acquirers — including one of its own directors.

Marcello Bottoli — a former CEO of the Samsonite luggage brand who joined the board in 2009 — is being backed by buyout firm Advent International in a bid to take True Religion private, sources said.

The company accepted first-round bids this week, with a number of other buyout firms kicking the tires, including Carlyle Group, Apax Partners and Leonard Green & Partners, according to sources.

Advent-backed Bottoli, however, has a special beef with True Religion founder & CEO Jeffrey Lubell, sources said. The two have sparred in recent seasons over strategy — in particular, True Religion’s botched and costly effort to expand overseas.

Bottoli, a former exec at French luxury giant LVMH, “sees a lot of global potential for the brand, and has been frustrated by [Lubell’s] micromanaging,” according to one person briefed on the situation.

Bottoli didn’t respond to a request for comment, and spokespersons for True Religion and Advent International declined to comment. Officials at Carlyle, Apax and Leonard Green also declined comment.

Despite the interest, insiders said it’s not clear whether the 10-year-old brand — whose jeans sell for upward of $300 a pair — will be sold. One possible stumbling block: a $25 million golden parachute for Lubell.

The Brooklyn-raised denim guru engineered the company’s meteoric rise as he charged astronomical premiums for jeans, attracting celebrity customers like Jennifer Lopez and Britney Spears.

But Lubell, who cashed out most of his stake in the company in 2007 to finance a divorce, has made costly missteps, including missing the start of the skinny-jeans craze.

True Religion said last month it has hired Guggenheim Securities to explore a possible sale. But the company has been quietly shopping itself since the summer, sources said.

Additional reporting by Josh Kosman