Brand licensing agency Global Icons has purchased Los Angeles clothing and accessories retailer Fred Segal for an undisclosed amount.

Global Icons will hold a majority interest in the retailer as part of the deal and investment firm Evolution Media will continue to own a minority stake.

Fred Segal is planning to expand its presence globally with additional investments and support from the Global Icons team.

Global Icons chair Jeff Lotman said: “I was drawn to Fred Segal because despite the industry decline in brick-in-mortar, Fred Segal Sunset remains exciting and is thriving.

“I’m committed to preserving the history and integrity of the company while continuing to evolve the dynamic Fred Segal brand and experience.”

“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 favourite 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.”

Fred Segal will focus on three key areas, including new additions to its existing apparel and accessories range, opening more retail locations overseas and develop its licensing to segments, such as home décor and accessories.

The lifestyle retailer opened a retail store at Sunset Boulevard in West Hollywood, California, in September 2017, followed by a global expansion with stores in Taipei, Kuala Lumpur, Zurich, Basel, Lausanne and Bern.

The retailer will open a 4,000ft2 store in Malibu on 6 April.

Fred Segal president John Frierson said: “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.”