Podcast Summary: Bloomberg Businessweek

Episode: True Religion’s Denim Disruption Strategy
Date: October 30, 2025
Hosts: Carol Massar, Tim Stanovec, Scarlet Fu
Guest: Michael Buckley, CEO of True Religion

Episode Overview

This episode explores how True Religion, an iconic denim brand, is reclaiming relevance and profitability by transforming its product lineup, supply chain, marketing, and pricing. Michael Buckley, CEO (and former president) of True Religion, shares insight into how the company doubled revenue in the last four years and evolved beyond premium jeans to win over a broader, younger, and more diverse customer base.

Key Discussion Points & Insights

A New Era for True Religion: Growth and Profitability

• Current State of the Business

  • True Religion expects nearly $500M in revenue this year—double from four years ago and the most profitable in its 22-year history.

    "We've doubled it over the last four years and extremely...it's the most profitable it's ever been in the 22-year history."
    —Michael Buckley [02:52]

• Transition After Going Private

  • Buckley shares that being private versus public allows for a sharper focus on core strategy and understanding the customer deeply, leading to improved performance.

Reimagining the True Religion Customer

• Customer Evolution and Research

  • Buckley initiated a detailed consumer survey in 2019, revealing that today's True Religion shopper cuts across gender and race, is aged 15–50 (core 20–40), and typically has a $65,000 household income—far more representative of America’s middle class than the luxury audience that defined early True Religion.

    "...about 65,000 household income, which is clearly, it's the American average, but it's a lot less than the consumer that was paying $300 for a pair of jeans at the beginning."
    —Michael Buckley [03:25]

• Accessible Pricing & Product Diversification

  • Jeans now make up only 40% of sales (the rest is "sportswear"—T-shirts, hoodies, dresses, etc.) with far more affordable prices: jeans from $69 to $110, T-shirts and hoodies from $19.99 to $39.99.
  • This shift broadens True Religion’s appeal and total addressable market:

    "...half of the $250 billion in apparel and accessories is sold at [these price points] today...the brand has the ability to have a much more wider appeal..."
    —Michael Buckley [04:37]

Supply Chain Strategy & Global Production

• Global and Diversified Manufacturing
  • Early on, production was LA-centric, but now it’s international: predominantly China, Cambodia, Vietnam, Bangladesh, India, Pakistan, Guatemala, and some South America.
  • Despite trade tensions and tariffs, China remains important:

    "Some of the suppliers out of China are very good...they are very quick, they have the ability to do more fashion compared to other countries that are doing just more basics in mass volume."
    —Michael Buckley [07:04]

  • True Religion has managed to mitigate ≈90% of tariff impact through strong partnerships.

Modern Marketing: Culture, Influencers & Relevance

• Marketing Investment & Influencer Partnerships
  • The brand now spends 10% of revenue ($50M+ this year) on marketing, working with talents like Ciara, Megan Thee Stallion, Anitta, Saweetie, Quavo, and India Love.

    "It's tremendously crucial...we invest heavily in marketing...the people we pick resonate well with the consumers that we know are the demographic target of this brand."
    —Michael Buckley [08:37, 09:40]

  • Aligning marketing with pop culture and a diverse consumer base has driven business growth:

    "We've doubled the size of this business as we've ramped up the marketing spend."
    —Michael Buckley [09:40]

Beyond Denim: Apparels Next Big Bets

• Expanding Beyond Jeans
  • True Religion aims to grow in shirts, sweaters, outerwear, and more. The strategy: go deeper in current categories and ensure jeans remain 40% of business, with the rest supporting broader growth.
  • Market expansion is enormous:

    "...addressable market of this brand is around 120 million consumers today versus 10 million...when we were selling $300 jeans."
    —Michael Buckley [10:15]

Sales Channels: Omnichannel and Wholesale Power

• Channel Mix
  • Sales are diversified:
    • ≈45% via truereligion.com
    • ≈45% via 56 highly profitable brick & mortar stores
    • Balance through 6,000+ wholesale locations in North America and 1,000+ internationally (from Macy’s and Dillard’s to Urban Outfitters and independents).

    "...the growth is everywhere...our own brick and mortar stores...and...wholesale locations..."
    —Michael Buckley [11:23]

The Future: Public or Private?

• IPO Considerations
  • As a private-equity-owned company, a public offering is possible but undecided.

    "I enjoyed running a public company. You know, it's really up to them what they want to do with it over time."
    —Michael Buckley [12:17]

Notable Quotes & Memorable Moments

• “The success of this business...we've doubled the size of this business as we've ramped up the marketing spend to close to 10% of revenue.”
  —Michael Buckley [09:40]

• "Our prices today...could be anywhere from $69 to $110 for a pair of jeans...positioned at price points where half of the $250 billion in apparel and accessories is sold at today.”
  —Michael Buckley [04:37]

• “We believe long term this should be a multibillion dollar brand, you know, like the Levis, Fashion Novas and other Tommys, Calvins of the world.”
  —Michael Buckley [10:57]

Timestamps for Key Segments

• [02:52] – Company financials and profitability
• [03:25] – Defining today’s True Religion customer
• [04:37] – Pricing strategy and product mix evolution
• [05:54] – Supply chain transformation and global manufacturing
• [08:37] – Modern marketing investment and influencer strategy
• [10:15] – Growth categories beyond denim
• [11:23] – Sales channel breakdown
• [12:17] – IPO and ownership outlook

Episode Tone and Takeaway

This discussion is focused, pragmatic, and upbeat—reflecting both realism about industry challenges and optimism around True Religion’s reinvention. Buckley’s message is clear: rigorous customer focus, affordable style, savvy marketing, and omnichannel execution have reignited growth and set the brand on course for even bigger ambitions.

Useful for anyone interested in modern apparel strategy, brand turnaround stories, or evolving consumer trends.