NEW YORK, Aug. 5, 2013 (GLOBE NEWSWIRE) -- Sequential Brands Group, Inc. (OTC:SQBG) ("Sequential" or the "Company") announced today that it has acquired the REVO brand, including all of the related intellectual property and certain other assets, from Oakley Inc. ("Oakley"), a company belonging to the Luxottica Group, for a gross purchase price of approximately $20 million in cash.
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In connection with the acquisition, the Company 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. "We are thrilled to add REVO to Sequential's brand portfolio," commented Yehuda Shmidman, Chief Executive Officer of 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 a powerful brand and has tremendous potential to expand its customer base," stated 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."