Italian eyewear giant Safilo has announced its acquisition of a 61.34% equity controlling interest in Privé Revaux.
Company CEO David Schottenstein has retained 15.5% equity, with the remainder held by celebrity co-founders Jamie Foxx, Hailee Steinfeld and Ashley Benson, alongside other investors.
Based in Miami, Privé Revaux was founded in 2017 and has operated as an affordable industry disruptor. Digital marketing strategies have utilised high-profile celebrity endorsements and social media to drive growth, with Privé Revaux recording net sales of $20m in 2019.
Partner and co-founder Foxx commented: ‘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. 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.’
Safilo’s CEO Angelo Trocchia 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.’