Hype Life: Supreme Was Just Sold Again For $1.5 Billion
Written by djfrosty on July 17, 2024
The world’s most popular streetwear label has a new owner. Supreme has been sold once again for $1.5 billion.
High Snobiety is reporting that the New York-based brand has been put up for sale for a second time within the last five years. Back in November 2020, VF Corporation announced they agreed to purchase Supreme in an all-cash deal to the tune of $2.1 billion. VF is a global apparel company that houses several high-profile brands including The North Face, VANS, Timberland, Dickies, Jansport, and more. The two entities enjoyed a longstanding business relationship before the agreement due to several co-branded efforts between Supreme and their brands.
On July 17, VF announced they had entered an agreement with EssilorLuxottica to acquire Supreme for $1.5 billion. The deal has taken the industry by surprise as EssilorLuxottica has historically only played in the eyewear space.
Francesco Milleri, Chairman at EssilorLuxottica expressed his enthusiasm in a formal statement
“We see an incredible opportunity in bringing an iconic brand like Supreme into our Company” he said. “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.”
Supreme Founder James Jebbia commented, “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.”
You can view the Supreme 2024 summer t-shirt drop here.
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Photo: Getty