Who Owns L.L.Bean?

Leon Leonwood Bean was an avid hunter who grew frustrated with boots that leaked in Maine's wet woods. In 1912 he developed a boot that combined a leather upper with a rubber bottom, sold it through a mail order flyer, and launched his company in Freeport, Maine. The first run of the Maine Hunting Shoe had a defect: 90 of the first 100 pairs were returned when the rubber separated from the leather. Bean refunded every customer, fixed the design, and rebuilt his business on that refund policy. The boot, now called the Bean Boot, remains the company's signature product.

L.L.Bean grew as a mail order business for most of the twentieth century, serving hunters, anglers and outdoor enthusiasts. The Freeport store became a retail attraction in its own right and began staying open 24 hours a day in 1951, a tradition the flagship maintains. The company expanded its catalog from hunting gear into casual apparel, and items like the Norwegian sweater and the Boat and Tote bag became widely popular beyond outdoor circles.

The company was slow to open stores outside Maine. It operated factory outlets for decades but only began a serious U.S. retail expansion in the 2000s. International presence came through licensing and partnerships, particularly in Japan, where L.L.Bean stores have operated since 1992, and Canada, where a partnership launched stores in 2019.

Revenue grew to $1.8 billion in 2021 and 2022 as pandemic-era demand for outdoor goods surged. Sales then settled back to approximately $1.7 billion for 2023, 2024 and 2025, three consecutive flat years. In response, the company leaned into a five-year plan, Vision 2030, aimed at reaching $2 billion in annual sales. Key elements include opening stores, with a goal of 100 U.S. locations by 2030, expanding wholesale distribution through partners like Nordstrom, Scheels and Academy, and investing in product innovation.

In 2026 the company made two leadership and real estate moves: Greg Elder, a 20-year veteran of the retail division, became CEO, and the company completed a roughly $50 million renovation of its Freeport flagship store, which reopened in the fall. L.L.Bean opened eight new U.S. stores in 2026, including its first locations in Alabama and Tennessee, bringing its domestic footprint to 76 stores in 22 states. It plans ten more openings in 2027.