Italian eyewear company Safilo Group is acquiring a majority stake in high-end fashion label Privé Revaux and has announced a new 10-year licensing agreement with French designer brand Isabel Marant.
Privé Revaux, which sells sunglasses and reading glasses co-branded through celebrity collaborations, will hand over 61% of shares to Safilo.
Privé Revaux founding entrepreneur and CEO Mr David Schottenstein retains ownership of approximately 15% of the equity, while the remainder is held by celebrities Mr Jamie Foxx, Ms Hailee Steinfeld and Ms Ashley Benson, plus the company’s senior management and other investors.
According to a Safilo, Privé Revaux was established to disrupt the eyewear with premium, quality eyewear products accessible to everyone.
The company distributes through a broad set of channels and retail partners, both online and offline, and in 2019 it recorded net sales of approximately US$20 million (AU$30 million), an approximate 90% increase compared to the previous year.
Safilo’s CEO Mr Angelo Trocchia said the fast-growing US-origin brand offers affordable, high-quality, well 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.”
Meanwhile, the new 10-year licensing agreement with Isabel Marant, known as one of the most influential brands among French designers, will see Safilo lead the manufacturing and distribution of the company’s sunglasses and optical frames. The first Isabel Marant collection will be launched with the Spring/Summer 2021 lines.
“We are pleased to welcome to our portfolio one of the coolest French designer brands whose unique expression and iconic style ensure it stands out within the advanced luxury design segment,” Trocchia said.
“This positioning between contemporary and traditional luxury allows design-driven, trend-setting brands, such as Isabel Marant, to captivate and engage Gen Z and Millennials with their originality, recognition and authenticity.
“We will focus on reflecting the brand’s distinctive Parisian style through its eyewear collections to appeal to women both in France and throughout the world and expand the brand in this important product category.”
Isabel Marant stated: “Safilo’s expertise and capabilities in the design, development and manufacturing of eyewear, as well as their qualitative and widespread distribution reach, are the critical factors that lead us to take this exciting challenge of entering into our first ever eyewear licensing agreement.”
