Safilo boosts controlling stake in Privé Revaux as Schottenstein quits

By

Sandra Halliday

Published
Jan 17, 2022

Eyewear giant Safilo has further extend its control of Privé Revaux, adding to its existing 64.2% stake so that it now owns 81.9% of the company.

The Italian company said “in light of David Schottenstein’s resignation as board member and CEO of Privé Goods LLC, the equity interest held by Schottenstein has been transferred to Safilo pursuant to the original contractual terms of the acquisition”.

Schottenstein’s resignation came after he pleaded guilty to insider trading in the US earlier this month. He was said to have made over $600,000 trading on information he got from a relative who was on the boards of shoe retailer DSW and cannabis products company Green Growth Brands.

The Privé Revaux brand was founded by the fashion entrepreneur in the last decade with a vision to disrupt the high-price eyewear market. He brought in big Hollywood names such as Jamie Foxx, Hailee Steinfeld, Ashley Benson and Jeremy Piven. They're part of the overall visionary and creative team for the brand that aims to offer designer-level styles as entry-level prices. 

The brand has extended its reach with key deals such as the one with Amazon to sell the label, as well as via launches around the world. It moved into Europe and the UK in mid-2020, just a few months after Safilo announced it had taken a controlling stake.