TSG Consumer Partners is betting that Privé Revaux will disrupt the eyewear industry with its affordable prices and celebrity power. The private-equity firm is taking a minority stake in the one-year-old brand, serving as the company’s first institutional investor.
Privé Revaux intends to use the new capital from TSG to expand its retail footprint, strengthen wholesale relationships and broaden its product offerings, said David Schottenstein, a founder and chief executive of the company. It also will focus on increasing its limited-edition partnerships with celebrities.
Mr. Schottenstein started Privé Revaux in 2017 with a team of celebrities including Jamie Foxx, Hailee Steinfeld and Ashley Benson. The founding group, which also consists of industry experts Dave Osokow, Rob Zangardi and Mariel Haenn, are all backers of the business.
Miami-based Privé Revaux aims to bring high-quality eyewear to consumers at affordable price points, working to close the gap between manufacturers’ production costs and the prices consumers pay. “That’s really the thought process: Let’s deliver a luxury branded experience without making the customer sacrifice anything,” said Mr. Schottenstein, adding that high design and quality are largely lacking for brands that sell eyewear for under $100.
Privé Revaux sells its sunglasses and eyeglasses on its website as well as through Amazon.com Inc. and select retailers such as Nordstrom Inc., Express Inc. and American Eagle Outfitters Inc. The company also operates kiosks at
shopping malls. “We’ve been studying the market to know that there’s been increasing consumer interest,” said Blythe Jack, a managing director at TSG. She added consumers increasingly are pairing multiple pairs of glasses with outfits across their wardrobe.
Roth Capital Partners LLC provided financial advice to Privé Revaux, which received legal counsel from Holland & Knight LLP and Schenck Price Smith & King LLP. Ropes & Gray LLP advised TSG. TSG, with offices in San Francisco and New York, specializes in backing businesses in the branded consumer sector, including the food and beverage; restaurant; beauty; personal care; household; apparel and accessories; and online commerce sectors. Most recently, portfolio company Duckhorn Wine Company Inc. acquired Kosta Browne Winery from J.W. Childs Associates.