- Prachi Singh |
Safilo Group has announced the acquisition of a 61.34 percent equity interest in the Miami-based Prive Goods, LLC (Privé Revaux). The company said in a statement that while David Schottenstein, the company’s founding entrepreneur and Chief Executive Officer retains ownership of approximately 15.5 percent of the equity, the remainder is held by celebrities Jamie Foxx, Hailee Steinfeld and Ashley Benson, senior management of the company, and certain other investors.
Commenting on the acquisition, Angelo Trocchia, Safilo’s Chief Executive Officer, said: “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.”
Safilo buys controlling stake in Privé Revaux
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, the company added, Privé Revaux has extended its assortment of affordable and quality frames beyond traditional sunglasses into blue light blocking glasses to combat digital eyestrain and has brought their unique, fashion-forward perspective to reading glasses. The company distributes through a broad set of channels and retail partners, both online and offline. In 2019 the company recorded net sales of approximately 20 million dollars, up around 90 percent compared to the previous year.
“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,” added David Schottenstein, founder and CEO of Privé Revaux.
The company further said that overall consideration for the 61.34 percent controlling interest in the company is 67.5 million dollars, corresponding to 61.6 million euros at the exchange rate on the announcement date.