Fred Segal to boost worldwide presence following acquisition by Global Icons
Brand-licensing agency Global Icons has announced its acquisition of Fred Segal, with plans to take the iconic California retailer's worldwide presence to new heights.
Global Icons will now have majority ownership of Fred Segal LLC, while Evolution Media will maintain a minority stake.
Under Global Icons, the retailer is set to continue its growth in three key areas, namely through the expansion of the current Fred Segal collection of apparel and accessories, the opening of additional locations in international territories, and the growth of its licensing across different verticals from home décor to accessories.
"This new investment and additional support will come with incredible opportunities to supercharge our growth into new categories of business," said John Frierson, president of Fred Segal, in a release. "We've seen worldwide demand for the Fred Segal brand and now we can take advantage of this on a global level."
The acquisition comes as Fred Segal leans into its retail expansion strategy, having opened a new flagship store on Sunset Boulevard in 2017 in addition to new stores in Taipei, Kuala Lumpur, Zurich, Basel, Lausanne and Bern all within the past two years. Furthermore, Fred Segal plans to open a new Malibu location in April of this year, marking the retailer's third location in Los Angeles.
"Over the previous few years, we have been focused on building the brand and setting the foundation for the future," said Allison Samek, CEO of Fred Segal. "We've opened stores, developed a strong assortment of product and shared our vision with the world. We are perfectly positioned to grow this brand exponentially with Global Icons."
The terms of the transaction between Fred Segal and Global Icons, which holds partnerships with brands including Lamborghini and Vespa, were not disclosed.
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