Safilo Acquires 61.34% of Privé Revaux
Safilo Group announces the acquisition of a 61.34% equity interest in the Miami-based company Prive Goods (“Privé Revaux”) through a simultaneous signing and closing.
David Schottenstein, the Company’s founding entrepreneur and CEO, retains ownership of approximately 15.5% 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 was built on a shared passion for style and quality with the goal of
disrupting the eyewear industry and making premium, quality eyewear products accessible to everyone. Privé Revaux has extended its assortment of affordable and quality frames beyond traditional sunglasses into blue light blocking glasses to combat digital eye strain. Since inception, Privé Revaux has carefully curated relationships with celebrities who wear and endorse its products.
In 2019 the Company recorded net sales of approximately USD 20 million, up around 90% compared to the previous year, and plans to continue strongly growing them in 2020. The overall consideration for the 61.34% controlling interest in the Company is USD 67.5 million.
David Schottenstein will remain CEO of Privé Revaux which will continue to run out of its Miami headquarters.
Click HERE for the full press release.