SYDNEY–New American brand management firm Elevate Brandpartners has announced its first acquisition: Quay Australia.
The seven month-old San Francisco-based company, which is backed by Boston growth equity firm Summit Partners, has acquired a majority stake in the popular Australian eyewear company for an undisclosed price. M&A activity in Australia seems to be picking up. On Thursday, Qatar’s Al Alfia Holding launched a takeover bid for Australia’s Specialty Fashion Group.
Founded in 2004 by husband and wife team Allen and Linda Hammond at a roadside stall at the Falls Festival in Victoria, Quay Australia today sells through over 2000 doors in 35 countries, including Nordstrom, Bloomingdales, Urban Outfitters, Asos and Topshop. In 2009 the Hammonds’ teenage son Zac joined the business.
Related Articles
“We are very excited to partner with Linda, Allen and Zak in the continued development of the Quay Australia brand” said Elevate Brandpartners founder and chief executive officer Myles McCormick.
You May Also Like
“They have reinvigorated the sunglass category by bringing an exceptionally creative and hands-on approach to product design, while ensuring the brand was price accessible for all consumers. We believe there is significant opportunity for the brand to reach the global fashion consumer”.
Noted for its oversized frames and fashion-forward color combinations, the entire Quay Australia range of 200 stock-keeping units is priced from $50-$60.
Best-sellers include the $50 My Girl vintage-inspired cat eye style and the $60 High Key oversized reflective flat lens aviators.
Social media – primarily Instagram – accounts for 100percent of the marketing budget, said general manager Johanna Scully.
In December, Scully relocated the company’s head office from Melbourne to San Francisco.
Influencer marketing has been a key strategy, with collaborations including ‘Pretty Little Liars’ star Shay Mitchell, beauty vloggers Desi Perkins, Amanda Steele and Chrisspy and the Millennial-skewed Too Faced beauty brand.
Lady Gaga, Gwen Stefani, Beyoncé and Cara Delevingne are among celebrities to have been photographed wearing Quay Australia sunglasses.
“It felt like the stars were aligned when Elevate Brandpartners approached last year, to discuss a potential partnership” said Linda Hammond. “We are entering into such a great future for the brand and excited to see Quay grow from a small family business into a powerhouse in the fashion accessories world.”