New York—Sequential Brands Group, Inc. today announced it has acquired the REVO brand, including all of the related intellectual property and certain other assets, from Oakley Inc. for a gross purchase price of approximately $20 million in cash.
In connection with the acquisition, Sequential Brands signed a long-term license agreement with B. Robinson, a leading eyewear company, to manufacture and distribute REVO sunglasses and related products.
In addition, Sequential signed a long-term partnership agreement with Sunglass Hut to continue distribution of REVO at Sunglass Hut stores globally.
“Together with our new licensee, B. Robinson, we are committed to preserving the DNA of the REVO brand in its core category of eyewear,” saidYehuda Shmidman, Sequential Brands’ chief executive. “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 a powerful brand and has tremendous potential to expand its customer base,” added Cliff Robinson, president of B. Robinson. “We are excited to be partnering with Sequential Brands Group to help further develop the core eyewear technology and expand the business.”
REVO is the fourth brand to be added to Sequential’s portfolio in 2013 and the seventh overall. Other brands include William Rast, People’s Liberation, DVS Action Sports, Heelys, Caribbean Joe and Ellen Tracy. www.sequentialbrandsgroup.com.