If you’ve ever worn a pair of Fire Hose work pants or seen a cartoon beaver yelling about "Longtail T-shirts" on your TV, you know Duluth Trading Company doesn't exactly do "corporate" in the traditional sense. It feels like a small-town operation. It feels like a secret handshake for people who actually work for a living. But when you look at the tag or see the stock ticker, you start to wonder: who actually calls the shots?
Honestly, the answer is a lot more "Main Street" than "Wall Street," even though the company is technically public.
The Short Answer: Who Owns Duluth Trading Company?
Duluth Trading Company is owned by Duluth Holdings Inc. (NASDAQ: DLTH). Because it’s a publicly traded company, there isn't one single person who "owns" the whole thing. Instead, ownership is split between the founder’s family, institutional investors like Vanguard and BlackRock, and regular people who buy shares on the stock market.
But if you want to know who really holds the keys, you have to look at Stephen L. Schlecht.
Schlecht isn't just the founder; he’s the anchor. Even as of early 2026, he remains the Chairman and the largest individual shareholder. He owns roughly 30% of the company, which, in the world of public retail, is a massive amount of control.
From a Barge to the Big Leagues
The history of this brand is kinda wild. It didn't start in a boardroom; it started on a literal barge in Duluth, Minnesota.
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In 1989, two brothers named Bob and Dave Fierek started a company called Portable Products. They were the ones who invented the "Bucket Boss," that canvas tool organizer that fits over a 5-gallon bucket. You've probably seen one in your dad's garage.
Steve Schlecht entered the picture around 2000. He already owned a company called Gempler’s, which sold farm and garden supplies. He saw something special in the Duluth brand. He bought it, moved the headquarters to Wisconsin, and basically turned it into the juggernaut it is today.
The IPO and Going Public
In November 2015, the company decided to go public. They priced their IPO at $12.00 a share. This was a massive turning point. It meant that instead of being a family-owned catalog business, they were now accountable to shareholders.
The Breakdown of Ownership in 2026
If you were to look at a pie chart of who owns Duluth Holdings today, it would look something like this:
- Insiders (The Schlecht Family & Executives): About 36%. This is the group that keeps the company feeling "family-run."
- Retail Investors: Around 47%. These are people like you and me who buy the stock through apps or brokers.
- Institutional Investors: Roughly 15-20%. This includes firms like Dimensional Fund Advisors, Madison Investment Advisors, and The Vanguard Group.
The fact that insiders own over a third of the company is significant. It means the leadership team is literally betting on themselves. When the stock price dips—and it has had some rough patches lately—the people running the show feel the pain directly in their own bank accounts.
Who Is Running the Show Right Now?
Ownership is one thing, but management is where the rubber meets the road.
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In a move that surprised some but delighted others, Stephanie Pugliese returned as President and CEO in May 2025.
You might remember her name. She was the CEO during the company's "Golden Age" between 2015 and 2019. Under her first watch, sales doubled. She left for a while to lead North America for Under Armour, but Steve Schlecht and the board brought her back to steady the ship after some rocky post-pandemic years.
Current Key Players:
- Stephen L. Schlecht: Founder and Chairman. He’s the visionary.
- Stephanie Pugliese: President and CEO. She’s the one executing the strategy.
- Richard W. Schlecht: Senior Vice President. Yes, the family connection is still very much there.
Why the Ownership Structure Matters for You
You might think, "Why do I care who owns my underwear company?"
Well, it affects the products. Because the Schlecht family still holds so much sway, Duluth hasn't turned into a generic big-box brand yet. They still focus on "solution-based" clothing—stuff that actually solves a problem, like pants that don't rip when you squat or shirts that don't ride up.
However, being a public company (NASDAQ: DLTH) adds pressure. They have to grow. They have to open more stores. Sometimes, that pressure to grow can clash with the "slow and steady" vibe of a family business.
The Bottom Line on Duluth's Future
Looking ahead through 2026, Duluth Trading Company is at a bit of a crossroads. They’ve recently trimmed their workforce by about 3% to stay lean and sold off the "Best Made" brand back to its original founder to refocus on their core workwear.
They aren't owned by some giant faceless conglomerate like VF Corp (which owns Dickies) or PVH. They are still their own thing. They are a mid-cap public company with a very strong founder-led soul.
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If you’re looking to engage with Duluth's ownership or brand more deeply, here’s what you should do next:
- Check the Ticker: If you're interested in the financial side, follow DLTH on the NASDAQ. The stock has been volatile, often trading below its book value, which makes it a frequent topic in "value investing" circles.
- Watch the Leadership: Keep an eye on Stephanie Pugliese’s moves in 2026. Her second stint as CEO is focused on "profitable growth," which likely means fewer crazy expansion projects and more focus on the "No Bull" quality that made them famous.
- Read the Proxy Statements: If you really want to see the nitty-gritty of who owns what, the SEC Form 4 filings are public. You can see exactly when Steve or Richard Schlecht buys or sells shares. It’s the most honest way to see how much they believe in the company’s future.
Ultimately, Duluth Trading Company is owned by the public, but it is steered by the same family values that brought it off that barge in Minnesota over thirty years ago.