EssilorLuxottica to Acquire Supreme from VF Corporation
While EssilorLuxottica is known for being a global leader in the optical industry, Supreme will remain as a lifestyle apparel brand.
After months of speculation, VF Corporation is officially selling Supreme. The streetwear imprint is set to be acquired by global optical industry leader, EssilorLuxottica.
EssilorLuxottica released a statement, confirming that the company has entered into a definitive agreement to acquire Supreme for $1.5 billion USD in cash. The streetwear brand was previously bought by VF Corp in November 2020 for $2.1 billion USD. EssilorLuxottica owns some of the most iconic eyewear brands, including Ray-Ban and Oakley. In the past, the company has also partnered with some of the biggest names in luxury — from Ralph Lauren to Burberry, Prada, Miu Miu and Chanel, just to name a few. Despite its position in the optical market, this will not change Supreme’s operations as a global lifestyle apparel brand.
Supreme founder James Jebbia will still remain involved with the brand’s growth and development. In a statement, he said, “In EssilorLuxottica, we have a unique partner that understands that we are at our best when we stay true to the brand and continue to operate and grow as we have for the past 30 years. This move lets us focus on the brand, our products, and our customers, while setting us up for long-term success.” Francesco Milleri, Chairman and Chief Executive Officer and Paul du Saillant, Deputy Chief Executive Officer at EssilorLuxottica also said, “We see an incredible opportunity in bringing an iconic brand like Supreme into our Company. It perfectly aligns with our innovation and development journey, offering us a direct connection to new audiences, languages and creativity. With its unique brand identity, fully-direct commercial approach and customer experience – a model we will work to preserve – Supreme® will have its own space within our house brand portfolio and complement our licensed portfolio as well. They will be well-positioned to leverage our Group’s expertise, capabilities, and operating platform.”
The deal is expected to close by the end of 2024. Under VF, Supreme has expanded into key markets including China and South Korea. Currently, the streetwear continues to focus on a digital-first strategy, operating 17 stores across the U.S., Asia and Europe.
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