Safilo, the prominent eyewear company, has recently increased its controlling stake in Privé Revaux, raising its ownership from 64.2% to 81.9%. This move follows the resignation of David Schottenstein, former board member and CEO of Privé Goods LLC. As part of the original acquisition terms, Schottenstein’s equity interest has now been transferred to Safilo. Schottenstein’s decision to step down from the company stems from his recent guilty plea for insider trading in the United States. He was found to have profited over $600,000 by trading on confidential information obtained from a relative who had connections with shoe retailer DSW and cannabis products company Green Growth Brands.

Privé Revaux, a well-known fashion eyewear brand, was founded by Schottenstein with the aim of disrupting the high-end eyewear market by offering designer-level styles at affordable prices. The brand has gained significant traction by collaborating with A-list celebrities such as Jamie Foxx, Hailee Steinfeld, Ashley Benson, and Jeremy Piven, who actively contribute as part of the creative team. Privé Revaux has effectively expanded its reach through strategic partnerships, including a notable collaboration with Amazon for product sales, as well as successful launches in various global markets. In the middle of 2020, the brand made its entrance into Europe and the UK shortly after Safilo announced its controlling stake acquisition.

With Safilo’s increased ownership, the company is set to further strengthen its position in the eyewear market. This acquisition demonstrates Safilo’s dedication to supporting and expanding Privé Revaux’s vision of providing stylish eyewear at affordable price points. Through its influential celebrity partnerships and strategic collaborations, Privé Revaux has solidified its reputation as a disruptive force in the industry. The brand’s success can be attributed to its ability to combine trendy designs with affordability, effectively resonating with consumers worldwide. As Safilo assumes a more significant role within the company, it will be intriguing to observe how Privé Revaux continues to evolve and disrupt the eyewear market.

Useful Links:
1. Safilo Official Website
2. Privé Revaux Official Website