O’Melveny Advises Global Icons in its Acquisition of Iconic L.A. Retailer Fred SegalMarch 27, 2019
FOR IMMEDIATE RELEASE
CENTURY CITY—March 27, 2019—O’Melveny represented Global Icons, a leading brand-licensing agency, in its acquisition of iconic Los Angeles retailer Fred Segal.
While terms of the acquisition were not disclosed, Global Icons will now have majority ownership of the retailer, which has been a prominent purveyor of L.A. style and culture since 1961.
Global Icons is a global brand-licensing agency responsible for US$5 billion in annual worldwide sales. It has created partnerships centered around celebrated heritage brands, such as the famed Hollywood Sign, Lamborghini, and Vespa.
Fred Segal is a retailer made famous by its expertly curated lifestyle and fashion brands. Along with a new flagship store on Sunset Boulevard in West Hollywood and new stores planned for Los Angeles and Malibu, Fred Segal has additional retail locations in the LAX International Terminal, as well as in Taipei, Kuala Lumpur, Zurich, Basel, Lausanne, and Bern.
The O’Melveny team representing Global Icons was led by Century City partner Sean Monroe and included associate Jennifer Marr.
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Global Icons issued the following press release:
Global Icons To Bring Los Angeles Culture Worldwide Through Acquisition Of Fred Segal
An Expanded Collection, New Licensing and More Stores Worldwide
LOS ANGELES, March 27, 2019 /PRNewswire/—Global Icons, a leading brand-licensing agency, announces its acquisition of Fred Segal. The iconic Los Angeles-based experiential retailer has been a prominent purveyor of LA style and culture since 1961. Terms of the transaction were not disclosed but Global Icons will have majority ownership of Fred Segal LLC with Evolution Media maintaining a minority stake.
This comes on the heels of two successful years for Fred Segal, having opened a flagship store on Sunset Blvd. in West Hollywood, CA in September 2017, launched new stores globally in Taipei, Kuala Lumpur, Zurich, Basel, Lausanne and Bern, and achieved record sales at the LAX International Terminal store. The legendary retailer will open a 4,000 square foot Malibu location, the third location in Los Angeles, on April 6th, 2019.
With the additional investment and support from the worldwide Global Icons team, Fred Segal will continue its growth within three key areas. First, will be the expansion of the existing Fred Segal collection of apparel and accessories. Second, the opening of additional retail locations in international territories, bringing LA culture to new and loyal fans, with collections curated for the local markets. Last, Fred Segal will look to grow its 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. It's always changing and continues to be a destination and a pop culture retail icon that we will further invest in. It's the birthplace of some of our favorite designers and most memorable fashion moments," said Chairman Jeff Lotman. "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 offers a fun, one-of-a-kind community destination inspired by the eclectic LA scene with expertly curated lifestyle and fashion brands. Known for discovering up and coming designers along with bringing together many of the industry's most exciting collaborations, Fred Segal has launched some of the biggest names in beauty and apparel.
"In 1961, Fred Segal created the original fashion jean, and for almost 60 years, the Fred Segal brand has remained true to its roots by continuing to be original," said Michael Segal, son of Founder Fred Segal. "In 1961, Jeff Lotman was born, perhaps, just a coincidence, but it seems more like fate that he and his company, Global Icons, would take leadership of the Fred Segal brand. Jeff is highly respected and uniquely qualified for this role to take Fred Segal to the next level of national and international expression."
"This new investment and additional support will come with incredible opportunities to supercharge our growth into new categories of business. We've seen worldwide demand for the Fred Segal brand and now we can take advantage of this on a global level," said John Frierson, President.
"Over the previous few years, we have been focused on building the brand and setting the foundation for the future. 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," said Allison Samek CEO of Fred Segal.
Global Icons is a leading global brand-licensing agency, responsible for $5 billion in annual sales worldwide, creating partnerships centered around celebrated heritage brands, such as the famed Hollywood Sign, Lamborghini and Vespa. Global Icons was represented by O'Melveny & Myers LLP in the transaction.
About Global Icons:
Global Icons is the largest independently owned agency with offices around the world, specializing in the development and extension of corporate brands and trademarks. The agency has attracted world-class clients by consistently developing new and unique product categories through licensing. As a leading internationally renowned agency for over 20+ years, Global Icons provides strategic collaborations connecting premier brands to manufacturers; and providing licensing acquisition services for companies seeking brands to achieve strategic initiatives. Through the right brand extensions and collaborations, the company succeeds in elevating and amplifying the brand increasing consumer awareness and loyalty along with revenue. For more information, please visit www.globalicons.com
About Fred Segal:
Fred Segal opened its eponymous doors in 1961, debuting designer denim as a lifestyle concept that instantly secured the brand as an integral part of the Los Angeles scene and celebrity culture. A unique retailer that offers an effortless, lifestyle experience inspired by the free-spirited style of Los Angeles, Fred Segal has discovered and launched some of the most beloved fashion and lifestyle brands throughout the decades. Today, Fred Segal, which is owned by Global Icons, offers a curated and refreshing selection of new brands together with food and pop culture experiences. In addition to its flagship location on Sunset Blvd. in West Hollywood, CA, the brand has expanded to Los AngelesInternational Airport's International Terminal, Japan, and in the fall of 2018, opened stores in Europe & Asia including Taipei, Kuala Lumpur, Zurich, Basel, Bern and Lausanne. Discover more at FredSegal.com and on Instagram @FredSegal.
About Evolution Media:
Evolution Media is a multi-stage investment firm that partners with passionate entrepreneurs who are building the next generation of technology, content, lifestyle, media and sports businesses. Evolution leverages its global platform and relationships to accelerate the growth of its portfolio companies while helping them reshape and disrupt their industries.