Terms of the deal were not disclosed, but Global Icons will hold majority ownership of Fred Segal. Evolution Media will maintain a minority stake.

The acquisition will see the expansion of Fred Segal apparel and accessories, the opening of new retail locations internationally and a push to increase licensing across various verticals including home décor and accessories.

The news comes on the heels of a flagship store opening on Sunset Blvd. in West Hollywood in 2017 as well as stores in Taipei, Kuala Lumpur, Zurich, Basel, Lausanne and Bern.

“I was drawn to Fred Segal because despite the industry decline in brick-in-mortar, Fred Segal Sunset remains exciting and is thriving,” says Jeff Lotman, chairman, Global Icons. “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. I’m committed to preserving the history and integrity of the company while continuing to evolve the dynamic Fred Segal brand and experience.”

“Over the previous few years, we have been focused on building the brand and setting the foundation for the future,” says Allison Samek, chief executive officer, 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.”

A 4,000-square-foot Malibu, Calif. Fred Segal location will open on April 6.