Increases Store Count with its Largest Retail Partner to over 2200 Stores
NEW YORK, NY / ACCESSWIRE / March 11, 2024 / 1847 Holdings LLC ("1847" or the "Company") (NYSE American:EFSH), a unique holding company that combines the attractive attributes of owning private, lower-middle market businesses with the liquidity and transparency of a publicly traded company, today announced that its subsidiary, ICU Eyewear Holdings Inc. ("ICU"), has made significant advancements in its growth strategies expected to be realized throughout 2024.
Committed to fostering both immediate and long-term growth, ICU has strategically focused on cultivating opportunities in key channels including Gift, Program, and Sports, alongside a robust emphasis on online sales. These endeavors have borne fruit, notably marked by the successful onboarding of a new chain of hardware stores in February, reaffirming ICU's position as an innovative and forward-thinking eyewear brand.
ICU's largest retail partner, one of the largest retailers in the United States notable for its focus on upscale, trend-forward merchandise at lower costs, has unveiled ambitious plans to open 300 new stores. This retail partner's strategic expansion, which will lead to ICU's products being sold from approximately 1900 stores to over 2200 stores, not only underscores ICU's established market foothold, but also sets the stage for sustained growth in the eyewear category and beyond.
"As we navigate the evolving business landscape, ICU remains steadfast in our commitment to driving growth and innovation," stated Christine Roach President & CFO of ICU Eyewear, Inc. "The strategic expansion of our retail partnerships underscore our dedication to delivering exceptional products and experiences to our customers. With a keen focus on sustainable growth and operational excellence, ICU continues to position itself as a trailblazer in the eyewear industry, poised for further success in the years ahead."
ICU is a leading designer of Over-the-Counter (OTC), non-prescription reading glasses, sunglasses, blue light blocking eyewear, sun readers and outdoor specialty sunglasses. In 2020, ICU formed its ICU Personal Care brand to serve the needs of existing and new customers for Personal Protective Equipment (PPE) and related personal care categories.
About 1847 Holdings LLC
1847 Holdings LLC (NYSE American: EFSH), a publicly traded diversified acquisition holding company, was founded by Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and Principal of Lazard Freres Strategic Realty Investors. 1847 Holdings' investment thesis is that capital market inefficiencies have left the founders and/or stakeholders of many small business enterprises or lower-middle market businesses with limited exit options despite the intrinsic value of their business. Given this dynamic, 1847 Holdings can consistently acquire businesses it views as "solid" for reasonable multiples of cash flow and then deploy resources to strengthen the infrastructure and systems of those businesses in order to improve operations. These improvements may lead to a sale or IPO of an operating subsidiary at higher valuations than the purchase price and/or alternatively, an operating subsidiary may be held in perpetuity and contribute to 1847 Holdings' ability to pay regular and special dividends to shareholders. For more information, visit www.1847holdings.com.
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Forward-Looking Statements
This press release may contain information about 1847 Holdings' view of its future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on our management's beliefs, assumptions and expectations of our future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include but are not limited to the risks set forth in "Risk Factors" included in our SEC filings.
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SOURCE: 1847 Holdings LLC