Privé Revaux, the affordable fashion eyewear brand founded by a handful of Hollywood players, is marking its first year in business with some big moves.
The brand, which also counts Hailee Steinfeld, Ashley Benson, Dave Osokow and entrepreneur David Schottenstein as investors, announced last month that TSG Consumer Partners, a leading private equity firm, has acquired a significant minority stake in the company. Terms of the transaction were not disclosed, though TSG has also backed brands like REVOLVE, vitaminwater, Smashbox Cosmetics and PAIGE.
The new investment comes as Privé Revaux announces some ambitious new strategies to grow the brand. First launched last June as an e-commerce site, the company opened their first brick-and-mortar store, a 5400 square-foot space in the heart of Times Square, six months later.
Co-founder Schottenstein tells Women’s Wear Daily that the goal is to open up in other major cities, noting that the company is finalizing a location for a store in Los Angeles, and looking at an international location as well. Privé Revaux “kiosks” will also start expanding in malls here in the U.S. Currently, there are a dozen Privé Revaux-branded kiosks in operation, including four in Miami. Eleven more are rolling out in Los Angeles this month.
With more than 100 frame styles that are all priced at $29.95, the affordable luxury brand counts Jennifer Lopez, Cara Delevingne, Katie Holmes and Hailey Baldwin as fans. The brand released a capsule collection with Riverdale star Madelaine Petsch this year, and Schottenstein says more celebrity collaborations are “in the works,” including capsules with co-founders, Steinfeld and Benson.
Foxx, meantime, says the new investment shows the company is moving in the right direction. “Collaborating with TSG is an honor,” the actor says in a press release. “One look at their portfolio and you know these guys mean business. I couldn’t be more excited about Privé Revaux’s future.”
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