Sequential Brands Group has acquired the Revo eyewear brand from Oakley, which is owned by the Luxottica Group, for $20 million in cash.
In connection with the acquisition, Sequential has also signed a long-term license agreement with B. Robinson to manufacture and distribute Revo sunglasses and related products, and a long-term partnership with Sunglass Hut to continue distribution of Revo at Sunglass Hut stores globally.
"We are thrilled to add Revo to Sequential's brand portfolio," says Yehuda Shmidman, chief executive officer, Sequential Brands Group. "Together with our new licensee, B. Robinson, we are committed to preserving the DNA of the Revo brand in its core category of eyewear. We are also excited to introduce new product categories that we believe are a perfect fit for the Revo brand, and we will be pursuing new partnerships to execute on this vision. As we combine this product strategy with our soon-to-be-announced marketing strategy, we are confident Revo will resonate with both existing and new consumers."
Revo is the fourth brand to be added to Sequential's portfolio in the last year, joining the Heelys footwear brand (acquired in December 2012) and fashion brands Ellen Tracy and Caribbean Joe (acquired in April).
Founded in 1985, Revo eyewear became a leader in polarized lenses by using technology that NASA developed as solar protection for satellites.