Italian eyewear company Safilo Group is acquiring a majority stake in celebrity-backed label Privé Revaux, which sells sunglasses and reading glasses co-branded through collaborations with the influential and famous, Bloomberg reported.
The company is buying out the stake controlled by a group of investors including private equity firm TSG Consumer Partners for about $67.5 million, WWD reported.
Safilo will own 61% of the company, which had about $20 million in sales last year, nearly doubling revenue from the prior year, according to a statement Monday.
Privé Revaux, which sells affordable eyewear, was founded in 2017 by Chief Executive Officer David Schottenstein. He, as well as various celebrity partners, will retain some equity in the company, Bloomberg reports.
The brand expanded through wholesale deals with department stores including Kohl’s and Dillard’s, along with eyewear retailers like National Vision and shopping channel QVC.
Safilo also owns the Carrera and Polaroid lines.
Under its new majority owner, Privé Revaux plans to start an online prescription lens operation and begin selling its glasses in Europe this spring.
