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Sales of luxury jeans fade, lose to leggings

Americans are buying fewer pairs of jeans these days and not spending as much on them as they once did due to the leggings and the yoga pants in fashion. True Religion, which after years of declining sales, filed for bankruptcy protection and announced that it would be closing at least 27 stores. A decade ago, the brand was riding high, commanding hundreds of dollars a pair for jeans with the company's signature horseshoes embroidered onto the back pockets.

But growth has reversed in recent years. Sales of super-premium jeans brands like 7 For All Mankind, True Religion, Joe's Jeans and Hudson fell 8 per cent last year, according to market research firm Euromonitor International. Overall, jeans sales grew slightly in 2016 after two years of declines, as Americans traded down to lower-priced brands like Levi's, H&M and Forever 21.

Designer denim took off in the early 2000s, during an era marked by large, flashy logos. True Religion, founded in 2002 in Manhattan Beach, Calif., was among the first to cash in on the wave of premium jeans, with its lineup of funky designs and washes. True Religion continued to grow during the recession, thanks in part to such celebrities as Britney Spears, Kanye West and Mariah Carey, who were routinely photographed wearing the brand's jeans.

True Religion put itself up for sale and found a buyer in TowerBrook Capital Partners, a private-equity firm that paid $835 million for the company. Sales have continued to slip. Competition was up, and demand was down. Shoppers are more likely to favor low- or moderately priced jeans without large logos and decals, according to Euromonitor. A move away from obvious logos also means it's becoming more difficult to distinguish between the high-end jeans and inexpensive ones.

 
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