True Religion Targets $1 Billion in Revenue With 90 New Stores and a Digital Push

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6.23.2026

Quick Facts

True Religion is opening four new U.S. stores in 2026, bringing its fleet to 61, with plans to reach 150 locations in four years.
The brand hit roughly $470 million in revenue in 2025 and is on track for $550 million in 2026, targeting $1 billion within five years.
Stores average 45% four-wall EBITDA margins, and non-denim categories now account for 60% of sales.

True Religion is betting on profitable physical retail and a growing digital operation to double its business. The denim brand announced four new store openings on June 22, adding locations in Indianapolis, Brandon, Fla., Sacramento, Calif., and Cherry Hill, N.J. The additions bring its total U.S. fleet to 61 stores.

CEO Michael Buckley has set a clear target. “Our medium-term goal, in the next five years, is to hit a billion,” he said. The company plans to open 90 more stores over the next four years, reaching 150 total U.S. locations.

The financial case for expansion is strong. True Religion’s stores average 45% four-wall EBITDA margins. Revenue was $280 million in 2023 and climbed to roughly $470 million in 2025. The company expects to reach around $550 million this year.

Each store runs small but carries the full product line. Locations average around 250 square feet and stock men’s, women’s, and kids’ collections along with 12 categories of accessories and fragrance. Buckley frames stores as revenue engines, not just brand builders. “When a shopper comes into the store, they’re there to transact,” he said. “We want the stores to be revenue drivers.”

Direct sales make up about 65% of the business, split roughly evenly between online and in-store. Wholesale partners like Nordstrom account for the remaining 35%.

True Religion also made two senior hires to support the growth plan. The company brought on Kristen Jones as VP of Retail and Andrew Rauch as SVP of Global Digital and Ecommerce. Jones spent nearly nine years at Skechers managing more than 300 stores and previously held roles at Target, Ross Stores, and Levi’s. Rauch joins from Foot Locker, where he led global digital strategy and held full P&L ownership for a $1.3 billion e-commerce operation across the Foot Locker, Kids Foot Locker, and Champs brands.

The digital ambitions are significant. Buckley has stated that TrueReligion.com should represent 40% to 50% of total revenue. Women’s categories now account for 50% of overall sales and are one of the primary growth drivers alongside e-commerce.

Product mix has also shifted. Non-denim categories including activewear, outerwear, and accessories now represent 60% of sales. Average unit prices run between $30 and $80. Marketing spend has grown from 3% of revenue five years ago to 10% today.

The company generated $80 million in EBITDA in 2023 and has posted roughly 20% annual revenue growth. True Religion’s True Rewards loyalty program ties the physical and digital channels together, with Buckley describing the business as operating “as one concept regardless of where its customers are shopping.”

CMO Kristen D’Arcy summed up the company’s position: “We’re confident we’re on the right and fairly quick trajectory to a billion in sales in total.”