The Elder Statesman was founded in Los Angeles in 2007 by Greg Chait, previously the CEO of the Australian denim brand Ksubi. Chait had started making cashmere blankets for himself after receiving one as a gift in 2002, and the concept store Maxfield began selling his samples and asking for more, which led him to start the label. In 2012 Chait won the CFDA/Vogue Fashion Fund Award, and in 2014 Chrome Hearts took a minority equity stake in the company.