The Master and Wardens and Brethren and Sisters of the Guild or Fraternity of the Blessed Mary the Virgin of the Mystery of Drapers of the City of London , Drapers' Company , 1361

The Master and Wardens and Brethren and Sisters of the Guild or Fraternity of the Blessed Mary the Virgin of the Mystery of Drapers of the City of London , Drapers' Company , 1361

The Drapers' Company was formally founded in 1361, though there appears to have been an informal association of Drapers as early as 1180. A Brotherhood of Drapers, a religious fraternity attached to the church of St. Mary Bethlehem in Bishopsgate, is also known to have existed in the 1360s.

The Company's first Royal Charter given in 1364, states that the brothers and sisters were to meet four times a year, pay their fees, hold feasts and assist one another. In 1438 a Charter of Incorporation was given, which recognized the Drapers as a legal corporate fraternity, a Company which has perpetual succession and a Common seal. The original privileges granted by Royal Charter have been confirmed and amended by successive monarchs. The current acting Charter is that granted by James I in 1607, amended by three Supplemental Charters, most recently in 1964.

In the 1420s the Company built a Hall to house its headquarters and offices, in St Swithin's Lane. In 1543 they moved to the former mansion of Thomas Cromwell in Old Broad St (now Throgmorton St), and leased the old Hall. This mansion along with the old Hall were destroyed during the Great Fire of London in 1666, and a new Hall was built to a plan designed by Edward Jarman (d.1668) and completed by Thomas Cartwright. The present Hall has undergone successive alterations by John Gorham following damage by a fire in 1772, and has had further alterations by Herbert Williams in the 1860s, and Sir Thomas Jackson, 1897-1900.

Members of the Company's governing body were first called Assistants in 1521, and the Court of Assistants has controlled the administration of the Company since the early 16th century. In 1601, the Company was reincorporated by a Charter which required at least twelve governors. Assistants numbering between 26 and 53, were co-opted mainly from the Livery, and the Wardens were ex-officio court members. The Court of Council of Assistants originally met on quarter days, but moved to monthly meetings by 1819. In the 19th century, the Company administration was increasingly delegated to committees made up of 6 or 7 members of the Court, elected annually. Business of both the Committees and the Council of Wardens was submitted to the full Court for approval.

There were four methods of admission to the Company. Apprenticeship, was the main method and involved the master draper paying an annual fee to the Wardens for an apprentice. Apprenticeship normally lasted 7 years, and on payment of a further fee the apprentice was given entry into the Freedom. Redemption was a method of entry from the 1420s onward for those wishing to avoid the apprenticeship term. Entry via Patrimony instituted as early as 1481, was restricted to children born after their father had been admitted. All Freeman were required to pay Quarterage, for which the Livery in return was expected to provide four dinners annually.
Initially membership primarily consisted of drapers, by the end of the 16th century members included porters, tailors, solicitors and schoolmasters, as well as drapers.
Admission is currently by redemption (interview) or patrimony (by virtue of a parent being a Draper).

In the 16th century, benefactions to the Company led to the founding of almshouses, schools or hospitals, the donation of pensions to the old and distressed poor of the City of London.

The Drapers' were one of the City Livery Companies who took part in the colonization of Ulster along with the Irish Society in 1610. They acquired 38 800 acres of the barony of Loughinsholin in County Londonderry, comprising the Divisions of Moneymore, Brackagh, Slieve Gallion, and Ballinascreen. This estate was mostly sold between 1872 and 1900.