After months of buzz, VF Corporation is officially parting ways with Supreme. The iconic streetwear label is set to be scooped up by global optical titan EssilorLuxottica.
In a groundbreaking announcement, EssilorLuxottica confirmed it has struck a definitive deal to acquire Supreme for a cool $1.5 billion USD in cash. This move comes after VF Corp snapped up the brand back in November 2020 for $2.1 billion USD. Known for owning legendary eyewear names like Ray-Ban and Oakley, EssilorLuxottica has a history of teaming up with high-end giants such as Ralph Lauren, Burberry, Prada, Miu Miu, and Chanel. Despite its deep roots in the optical industry, Supreme’s operations as a premier global lifestyle apparel brand will remain unchanged.
James Jebbia, Supreme’s founder, will stay on board to steer the brand’s growth and innovation. He shared, “With EssilorLuxottica, we’ve found a unique partner that gets that our strength lies in staying true to the Supreme ethos. This deal lets us zero in on our brand, products, and customers, setting us up for long-term success.” Francesco Milleri, Chairman and CEO, along with Deputy CEO Paul du Saillant of EssilorLuxottica, echoed this sentiment, saying, “Bringing an iconic brand like Supreme into our fold represents an incredible opportunity. It aligns perfectly with our journey of innovation and growth, offering us a direct link to fresh audiences, languages, and creative realms. Supreme® will carve out its own niche within our house brand portfolio while complementing our licensed brands. They’ll be poised to harness our group’s expertise and capabilities.”
The acquisition is set to finalize by the end of 2024. Under VF’s umbrella, Supreme has made significant strides, expanding into major markets like China and South Korea. With a digital-first approach, the brand currently operates 17 stores across the U.S., Asia, and Europe, continuing to dominate the streetwear scene.