Supreme finds a new home again

EssilorLuxottica, the global leader in the optical industry, has announced the acquisition of iconic streetwear label Supreme from VF Corp for $1.5bn. This move marks EssilorLuxottica's entry into the streetwear market and expands its portfolio, which includes brands such as Ray-Ban and Oakley. Supreme, founded in 1994 by James Jebbia, has evolved from a niche skater brand to a mainstream cultural phenomenon and is known for high-profile collaborations with brands such as Louis Vuitton and The North Face.

The acquisition of Supreme by EssilorLuxottica is expected to be finalised by the end of 2024. This strategic move comes as VF Corp streamlines its portfolio and responds to declining revenues and rising debt.

The integration of Supreme into the EssilorLuxottica brand portfolio is seen as a strategic move to reach new audiences and drive innovation. Despite the new ownership, Supreme will retain its unique brand identity and direct commercial approach. This acquisition aligns with EssilorLuxottica's vision to connect with different cultural and creative segments and drive its own development journey.

VF Corp's decision to sell Supreme follows a period of financial realignment, including a portfolio review and the sale of other brands such as JanSport and Kipling. Under VF Corp, Supreme faced challenges such as supply chain issues and leadership changes that impacted market performance. With the support of EssilorLuxottica, Supreme aims to focus on its core strengths and maintain its cultural relevance in the fashion industry.

For more insights and detailed updates on the Supreme acquisition and other significant developments in the fashion industry, stay tuned to Grailify.