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Worse on Purpose

rag & bone

New York-based premium fashion brand fusing British tailoring, American workwear, and New York street style. Known for premium denim and casual essentials.

Status: Avoid
Founded
2002
HQ
USA
Manufacturing
Various
Ownership type
Brand licensing (ABG-style)
Parent
Guess?, Inc. (operating assets); 50/50 JV between Guess and WHP Global owns IP
Acquired
2024-04
Status since
2026-04-25

Ownership

Marcus Wainwright and Nathan Bogle co-founded rag & bone in 2002. Andrew Rosen of Theory invested in 2006. Bogle left in 2006; Wainwright stepped down as chief brand officer in July 2023. In February 2024, Guess?, Inc. and WHP Global announced a definitive agreement to acquire the brand, closing the deal in April 2024. Guess paid $56.5 million for the operating assets; a 50/50 joint venture between Guess and WHP Global owns the intellectual property. Guess holds an exclusive worldwide manufacturing license and pays a royalty to the JV. The brand continues to be based in New York City with 34 US stores plus 2 UK stores. In May 2025, the JV signed Marcolin to a four-year exclusive eyewear license, with a debut planned for the 2026 Mido trade show.

Why Avoid

IP separated from operations and held by a JV between two licensing-oriented owners (Guess and WHP). Guess pays itself royalties through the JV. The brand is now a vehicle for Marcolin eyewear licenses and similar category extensions, which is the standard ABG-style trajectory.

Reversibility

What would change our verdict

Demonstrable continuity of NY design team plus public disclosure of Guess's factory partners.

Sister brands under Guess?, Inc. (operating assets); 50/50 JV between Guess and WHP Global owns IP

See all 12 sister brands

Read the full investigation

Investigation · March 23, 2026

Your Backpack Got Worse On Purpose

VF Corporation owns about 55% of the US backpack market. JanSport, The North Face, Eastpak, Kipling. Lower denier counts, generic zippers, warranties rewritten to match the cheaper construction.

Read the full investigation

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