L.L.Bean, Inc.

Who owns L.L.Bean, Inc.?
L.L.Bean is owned by descendants of founder Leon Leonwood Bean. The company has remained in family hands since 1912, with ownership spread among more than a dozen family stakeholders. It has never been publicly traded or taken private equity investment.

Is L.L.Bean a public company?
No. L.L.Bean is a private, family-owned corporation headquartered in Freeport, Maine. It does not have a stock ticker and does not file public financial reports, though it announces annual sales and employee bonus figures.

How much revenue does L.L.Bean generate?
The company reported approximately $1.7 billion in sales in 2025, essentially unchanged from 2023 and 2024. Sales peaked at $1.8 billion in 2021 and 2022. The Vision 2030 plan targets $2 billion in annual revenue.

Who is the CEO of L.L.Bean?
Greg Elder became president and CEO in 2026, succeeding Stephen Smith. Elder spent about 20 years at the company, primarily running its retail division, before taking the top job.

Where are L.L.Bean products manufactured?
L.L.Bean manufactures Bean Boots in Maine factories in Brunswick and Lewiston, and produces other select items domestically, including many tote bags. The majority of its apparel and hard goods are produced by suppliers in Asia, primarily Vietnam, China and Bangladesh.

How many stores does L.L.Bean operate?
As of 2026, L.L.Bean operates 76 stores across 22 U.S. states, plus approximately 18 locations in Japan and a growing network in Canada through local partners. The company plans to reach 100 U.S. stores by 2030.

Leon Leonwood Bean founded the company in 1912 in Freeport, Maine. A hunter who disliked leaky boots, he designed a shoe combining a leather upper with a rubber bottom and marketed it by mail to nonresident hunting license holders. The first batch failed: 90 of the first 100 pairs were returned after the rubber separated. Bean honored every refund, corrected the design, and established a guarantee that became the company's defining policy.

Through the mid-twentieth century, L.L.Bean remained a mail order outfitter for hunters and anglers. The Freeport store, which grew around the fulfillment operation, began staying open around the clock in 1951 and became one of Maine's largest tourist attractions. The catalog expanded into casual clothing and home goods, broadening the customer base well beyond sportsmen. Signature products accumulated: the Bean Boot, the Norwegian sweater, the Field Coat and, in 1944, the Boat and Tote, a canvas bag originally designed for hauling ice.

Leadership stayed in the family. Leon Bean ran the company until his death in 1967, when his grandson Leon A. Gorman took over at age 32. Gorman modernized the catalog, invested in customer service systems and guided the company through decades of steady growth, turning a roughly $5 million business into a billion-dollar retailer by the 1990s. He retired in 2001 and died in 2015. Chris McCormick, the first non-family CEO, led from 2001 to 2015, followed by Stephen Smith, an outsider recruited from Walmart, who served from 2016 to 2026.

The company opened its first store outside Maine in 2000, in McLean, Virginia, and expanded cautiously into U.S. retail thereafter. International growth came through partnerships: Japan stores since 1992 and Canadian locations since 2019. In 2020, L.L.Bean launched a wholesale channel for the first time, selling through third-party retailers after a century of direct-only distribution.

Sales surged during the COVID-19 pandemic, reaching $1.8 billion in 2021 and 2022, then flattened at approximately $1.7 billion for three consecutive years. In 2025, the company opened seven U.S. stores and announced Vision 2030, a five-year plan targeting $2 billion in annual sales, 100 U.S. stores and expanded wholesale distribution. Greg Elder, the company's longtime chief retail officer, became CEO in 2026. That year the company also reopened its Freeport flagship after a renovation reported at about $50 million and added eight more stores, including first-time locations in Alabama and Tennessee.

L.L.Bean publishes an annual corporate responsibility report covering environmental targets, sourcing standards and community programs. Stated goals include increasing the use of recycled and responsibly sourced materials, reducing operational emissions and maintaining audit coverage of overseas suppliers. The company sources the majority of its products from Asian manufacturers and has faced periodic scrutiny over the gap between its Maine-made image and its global supply chain.

Philanthropy centers on outdoor access and conservation. The company runs long-standing grant programs for organizations such as the National Park Foundation, Appalachian Trail Conservancy and local land trusts, and contributes a share of profits to community causes in Maine.

The 2018 decision to end the lifetime return policy is the most publicized controversy in recent company history. L.L.Bean replaced its no-questions-asked guarantee with a one-year return window, citing abuse by customers returning worn goods and items purchased at yard sales. The move generated national coverage and a class action lawsuit arguing that purchases made under the old policy retained lifetime coverage.

In 2017, the company faced a boycott campaign after board member and Bean family descendant Linda Bean made donations to a political action committee supporting Donald Trump. The company said the contributions were personal and did not represent the company, which takes no political positions.

Labor and sourcing critics periodically note that despite the Made in Maine marketing, most L.L.Bean products are manufactured overseas. The company continues to produce Bean Boots and select items in Maine factories and publishes supplier standards for its global vendors.