Safilo Group announced the acquisition of a 61.34 percent equity interest in the Miami-based company Privé Revaux, which sells sunglasses and reading glasses co-branded through collaborations with the influential and famous.
The overall consideration for the 61.34 percent controlling interest in the company is $67.5 million (corresponding to €61.6 million at the exchange rate on the announcement date).
David Schottenstein, Privé Revaux’s founding entrepreneur and chief executive officer, retains ownership of approximately 15.5 percent of the equity, while the remainder is held by celebrities Jamie Foxx, Hailee Steinfeld and Ashley Benson, senior management of the company, and certain other investors.
Private equity fund TSG Consumer Partners and its affiliates sold their entire stake in Privé Revaux to Safilo Group and other equity holders of the company.
Founded in 2017, Privé Revaux’s growth has been fueled by a strategic celebrity ecosystem, merged in high caliber social media engagement and strong digital marketing capabilities. Privé Revaux has extended its assortment of affordable and quality frames beyond traditional sunglasses into blue light blocking glasses to combat digital eye strain and has brought their fashion-forward perspective to reading glasses.
In 2019 the company recorded net sales of approximately $20 million, up around 90 percent compared to the previous year, and plans to continue strongly growing them in 2020.
Angelo Trocchia, Safilo’s chief executive officer, said: “We are very pleased to enrich our proprietary brand portfolio with Privé Revaux, a fast-growing US-origin brand, which contributes a millennial-focused digital marketing strategy and whose mission is to offer affordable, high-quality, beautifully designed eyewear, using celebrities’ endorsements to drive brand awareness and sales. Privé Revaux has successfully created a repeatable and scalable strategy with celebrity capsule programs that can be introduced into various markets around the world, a consumer-centric marketing model from which we can learn and leverage on, while putting our capabilities at its disposal for its global expansion..”
Schottenstein commented: “This is a monumental moment for Privé Revaux, and a true turning point in our business. We have worked tirelessly to bring consumers tangible quality and style when it comes to eyewear, at a fair and reasonable price and Safilo believes in our vision and goal. I couldn’t be prouder of what this brand has accomplished in only a few short years, and with Safilo in our corner, the sky’s the limit.”
“When we started Privé Revaux we knew we were going to shake things up, we just didn’t realize how quickly and to what extent. Now, with Safilo’s know-how and expertise, we can turbocharge this and take it to a completely different level, on a global scale,” said Foxx. “Getting together with a company like Safilo is truly an honor and really says a lot about who we are as a brand. Looking at our opportunities, both in terms of continuing to grow Privé Revaux and in terms of really helping to grow Safilo’s existing brands, it is obvious to me that this made sense and was meant to be. I am so excited for the coming years and am very much looking forward to working with Safilo.”
Safilo’s portfolio encompasses its own core brands Carrera, Polaroid, Smith, Safilo, and licensed brands Dior, Dior Homme, Fendi, Banana Republic, BOSS, David Beckham, Elie Saab, Fossil, Givenchy, Havaianas, HUGO, Jimmy Choo, Juicy Couture, kate spade new york, Levi’s, Liz Claiborne, Love Moschino, Marc Jacobs, Max Mara., Missoni, M Missoni, Moschino, Pierre Cardin, rag&bone, Rebecca Minkoff, Saks Fifth Avenue, Swatch, and Tommy Hilfiger.
Photo courtesy Privé Revaux