Iconic LA retailer to expand under new owner
Fred Segal has a new owner.
The longtime icon of Los Angeles style has been acquired by brand-licensing agency Global Icons, which plans to take the brand to a global audience. Investment firm Evolution Media will maintain a minority stake in the company. Terms of the deal were not disclosed.
The acquisition comes just days before Fred Segal is set to open its third location in greater Los Angeles, a 4,000-sq.-ft. store in Malibu on April 6. And it follows two busy years for the brand during which it opened a flagship in West Hollywood, Calif., launched new stores globally in Taipei and Kuala Lumpur along with four locations in Switzerland (Zurich, Basel, Lausanne and Bern.) and achieved record sales at its LAX International Terminal store.
The new owner plans to continue Fred Segal’s growth in three key areas, including the opening of additional stores in international market and the expansion of its existing collection of apparel and accessories. In addition, it will look to grow the brand’s licensing across different verticals, ranging from home décor to accessories.
"I was drawn to Fred Segal because despite the industry decline in brick-in-mortar, Fred Segal Sunset remains exciting and is thriving,” said Icons chairman Jeff Lottman. “It's always changing and continues to be a destination and a pop culture retail icon that we will further invest in. I'm committed to preserving the history and integrity of the company while continuing to evolve the dynamic Fred Segal brand and experience."
Fred Segal was founded in 1961 by its eponymous founder, who sold fashion jeans out of a tiny store in West Hollywood. Over the succeeding years, it evolved into one of Los Angeles’ coolest and hottest retail destinations, with a celebrity following, brand name placement in several major movies and a reputation for discovering up-and-coming fashion designers. But in recent years, Fred Segal lost some of its cache amid an evolving fashion and retail landscape.
“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 longtime icon of Los Angeles style has been acquired by brand-licensing agency Global Icons, which plans to take the brand to a global audience. Investment firm Evolution Media will maintain a minority stake in the company. Terms of the deal were not disclosed.
The acquisition comes just days before Fred Segal is set to open its third location in greater Los Angeles, a 4,000-sq.-ft. store in Malibu on April 6. And it follows two busy years for the brand during which it opened a flagship in West Hollywood, Calif., launched new stores globally in Taipei and Kuala Lumpur along with four locations in Switzerland (Zurich, Basel, Lausanne and Bern.) and achieved record sales at its LAX International Terminal store.
The new owner plans to continue Fred Segal’s growth in three key areas, including the opening of additional stores in international market and the expansion of its existing collection of apparel and accessories. In addition, it will look to grow the brand’s licensing across different verticals, ranging from home décor to accessories.
"I was drawn to Fred Segal because despite the industry decline in brick-in-mortar, Fred Segal Sunset remains exciting and is thriving,” said Icons chairman Jeff Lottman. “It's always changing and continues to be a destination and a pop culture retail icon that we will further invest in. I'm committed to preserving the history and integrity of the company while continuing to evolve the dynamic Fred Segal brand and experience."
Fred Segal was founded in 1961 by its eponymous founder, who sold fashion jeans out of a tiny store in West Hollywood. Over the succeeding years, it evolved into one of Los Angeles’ coolest and hottest retail destinations, with a celebrity following, brand name placement in several major movies and a reputation for discovering up-and-coming fashion designers. But in recent years, Fred Segal lost some of its cache amid an evolving fashion and retail landscape.
“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.”