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The sale was $600 million less than what VF Corp acquired Supreme for in 2020.
UPDATE (07/23):
Mark Zuckerberg is reportedly in talks to become part owner of Supreme as Meta eyes a 5% stake in EssilorLuxottica. Read more here.
The original story from July 18 can be found below.
VF Corp has announced its decision to sell Supreme to EssilorLuxottica, marking a significant shift in the streetwear landscape. The acquisition, valued at $1.5 billion, is set to close in the second half of 2024, pending regulatory approvals.
VF Corp acquired Supreme in 2020 for $2.1 billion.
Supreme, founded in 1994 by James Jebbia, has become a cultural icon, synonymous with skateboarding, hip-hop, and sneaker culture. Known for its limited releases and collaborations with brands like Nike, Louis Vuitton, and The North Face, Supreme has maintained a cult-like following and high resale value.
The sale comes as VF Corp aims to streamline its portfolio and focus on its core outdoor and active brands, including The North Face, Timberland, and Vans.
EssilorLuxottica, a global leader in eyewear, sees the acquisition as a strategic move to diversify its offerings and tap into Supreme’s dedicated fanbase. The company plans to leverage Supreme’s strong brand identity and cultural cachet to enhance its product lineup and retail presence.
Supreme’s influence extends beyond fashion, impacting art, music, and popular culture. Its iconic box logo and groundbreaking collaborations have cemented its status as a symbol of streetwear’s rise to mainstream recognition.
As the streetwear community reacts to this unexpected move, the future of Supreme under EssilorLuxottica’s ownership remains vague. Will the brand maintain its edge and exclusivity, or will this new chapter bring a different approach to its iconic cultural status?
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