Garrett Leight sells majority stake
Los Angeles-based eyewear lifestyle brand Garrett Leight California Optical (GLCO) announced a strategic investment from The Untitled Group to drive growth for global expansion.
Untitled invested $20 million in exchange for a majority share of the company, while Garrett Leight will continue to hold a significant stake and will remain a key executive, contributing to the consumer experience.
Untitled is an investment platform that specialises in emerging consumer brands. With the investment from Untitled, GLCO will open multiple boutiques in both the U.S. and abroad, with a new location in Brooklyn, NY and the Silverlake area of Los Angeles to debut in late 2021. The company plans to open 10 to 15 new locations over the next five years.
As part of the partnership, the company will add to headcount across multiple departments, including the hiring of a president, a new role for the brand and the formation of a board of directors by the existing key stakeholders. Joining GLCO in an advisory capacity will be fashion industry veteran and longtime friend of Leight, Josh Peskowitz, who joined the Untitled team as a consultant in 2020.
“My path forward has never been clearer. I knew that I needed a strategic partner to help GLCO achieve our growth potential and I’m genuinely excited to have found that in Untitled,” said Leight. “This investment will allow us to realize so many of the larger goals I’ve had for the brand, and I am both confident about and inspired by what the future looks like for GLCO.”
“GLCO excels through its robust network of distribution relationships worldwide, and we are eager to help expand the brand’s presence in direct-to-consumer. Garrett’s track record in eyewear design is unmatched and has tremendous resonance with customers globally. We are excited to build on this legacy and invest in the tools and resources that have earned the brand its industry-leading reputation,” added Adam Freed, co-founding partner of The Untitled Group.
Launched in 2010, GLCO has six proprietary stores including its first international location in Toronto, which opened earlier this year, as well as global distribution in high-end specialty retail and optical boutiques.
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