EssilorLuxottica acquires Supreme streetwear brand
Eyewear group EssilorLuxottica has acquired the Supreme streetwear brand from VF Corporation in a $1.5 billion deal.
The transaction is expected to complete by the end of 2024 subject to customary closing conditions and regulatory approvals.
Founded in 1994 with a first store in New York, Supreme now runs a digital-first business and has 17 stores in the US, Asia and Europe.
VF Corporation acquired the brand in 2020 following a longstanding relationship between the two companies in which Supreme collaborated with VF’s Vans, The North Face and Timberland brands. Supreme founder James Jebbia and the rest of the senior leadership team remained with the company following the acquisition.
Commenting on the sale to EssilorLuxottica, Jebbia 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 added: “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.”
EssilorLuxottica also owns Oakley, Pearle and Ray-Ban.
