Rag & bone sold for $56.5 million plus an earnout in April 2024 — a fraction of its roughly $250 million in annual revenue — to Guess? and brand-licensing firm WHP Global. Neither founder runs it: one keeps a board seat, the other is long gone, and a Theory founder chairs it for the new owners. The brand answers to a NYSE parent and an IP joint venture, with no sustainability commitments published since the sale.