Safilo Group has acquired a 61.34 percent equity interest in the Miami-based company Prive Goods LLC (Privé Revaux).
David Schottenstein, Prive’s founding entrepreneur and CEO, retains 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.
The overall consideration for the 61.34 percent controlling interest is 67.5 million, according to a press release from Safilo.
Founded in 2017, Privé Revaux is “fueled by a strategic celebrity ecosystem, merged in high caliber social media engagement and strong digital marketing capabilities,” according to the release.
Privé Revaux has extended its assortment of frames beyond traditional sunglasses into blue light blocking glasses to combat digital eye strain and has brought its “unique, fashion-forward perspective” to reading glasses, according to the release. The company distributes through a broad set of channels and retail partners, both online and offline.
The brand has “levered its celebrity appeal to new customers through a distinctive capsule collection program of co-branded styles designed by major celebrity influencers, and is continually adding to its roster of talent with new collections seasonally,” the release explains.
In 2019, Privé Revaux recorded net sales of about $20 million, up around 90 percent compared to the previous year.
Angelo Trocchia, CEO of Safilo, 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.”
David Schottenstein, founder and CEO of Privé Revaux, said: “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.”