Italian eyewear giant Safilo Group today announced the US$67.5 million acquisition of a 61.34% equity interest in Miami-based company Prive Goods, (‘Privé Revaux’) through a simultaneous signing and closing.
Privé Revaux posted net sales of approximately US$20 million in 2019, up by around +90% year-on-year.
Private equity fund TSG Consumer Partners and its affiliates sold their entire stake in Privé Revaux to Safilo Group and other equity holders.
Chief Executive Officer David Schottenstein retains ownership of approximately 15.5% of the equity and will remain in the role. The remainder is held by celebrities Jamie Foxx, Hailee Steinfeld and Ashley Benson, senior management and other investors.
Privé Revaux, founded in 2017, was built on a shared passion for style and quality with the goal of disrupting the eyewear industry. The brand is fuelled by a strategic celebrity endorsement ecosystem, merged in social media engagement and strong digital marketing.
“With Safilo in our corner, the sky’s the limit” – Privé Revaux Chief Executive Officer David Schottenstein
Privé Revaux has extended its assortment of affordable and quality frames beyond traditional sunglasses into blue light blocking glasses to combat digital eye strain. It has also brought its fashion-forward perspective to reading glasses.
The company distributes through a broad set of channels and retail partners, both online and offline.
Safilo Chief Executive Officer Angelo Trocchia said: “Privé Revaux has successfully created a repeatable and scalable strategy with celebrity capsule programmes 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 realise how quickly and to what extent,” said Privé Revaux Partner and Co-Founder Jamie Foxx. “Now, with Safilo’s know-how and expertise, we can turbo charge this and take it to a completely different level, on a global scale.”
“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,” said Partner and Co-Founder Hailee Steinfeld.
“We live in a fast-changing world, specifically a fast-changing retail world. Clearly Safilo has the vision to see that Privé Revaux can help Safilo create something new in eyewear and I very much look forward to being a part of that,” added fellow Partner and Co-Founder Ashley Benson.
