VF Corporation has entered an agreement to sell Supreme.
- The deal involves EssilorLuxottica buying Supreme for $1.5bn.
- Supreme was previously acquired by VF Corp in 2020.
- The sale is expected to conclude by the end of 2024.
- This move requires customary regulatory approvals.
VF Corporation has announced a significant business move with the decision to sell its renowned streetwear brand, Supreme, to EssilorLuxottica for a substantial $1.5 billion (£1.15 billion) in cash. Acquired by VF Corp from The Carlyle Group and Goode Partners in 2020 as part of a $2.1 billion (£1.6 billion) deal, Supreme has now found a new home in the eyewear industry.
The decision to sell comes as a strategic alignment within VF Corporation, which also owns other major brands such as Vans and The North Face. The sale is anticipated to be finalised by the end of 2024, pending the usual closing conditions and regulatory approvals, marking a new chapter for Supreme under the ownership of EssilorLuxottica.
Supreme, a brand that has carved out a unique niche in the streetwear sector since its inception, operates a total of 17 stores across the United States, Asia, and Europe, including a prominent location in London’s Soho. This acquisition signifies a pivotal moment in both the fashion and eyewear industries, highlighting the shifting dynamics and collaborations between sectors.
Considering the historical and cultural impact of Supreme within the fashion community, its transition to EssilorLuxottica’s portfolio could potentially indicate new synergies and opportunities between streetwear and eyewear, paving the way for innovative cross-industry initiatives.
The sale of Supreme to EssilorLuxottica marks a transformative shift within both the fashion and eyewear industries.
