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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
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Dwayne Johnson, largely known by his pro wrestling moniker The Rock, rose from his time in the square circle to becoming one of Hollywood’s top draws. Johnson recently joined the company board that oversees the WWE and UFC and earned himself millions.
Dwayne Johnson, 51, was announced as the latest board member for TKO Group Holdings, Inc., a sports and entertainment company that recently merged the interests of the WWE and UFC on Tuesday (Jan. 23). The Rock has diversified his holdings via his production company Seven Bucks Productions, Teremana Tequila, ZOA Energy, and the UFL among other ventures. Now as a member of TKO Holdings’ board, Johnson not only earned substantial stock options but also retains full ownership of his stage name.
In a statement, Johnson spoke to the significance of his new role at TKO:
My grandfather, High Chief Peter Maivia, and my dad, Rocky ‘Soulman’ Johnson, would’ve never thought this day would come. Which is why I’m very humbled to have a seat at the table that has decades of history and family legacy for me. A table that my family helped to build. Being on the TKO Board of Directors, and taking full ownership of my name, ‘The Rock’, is not only unprecedented, but incredibly inspiring as my crazy life is coming full circle. At my core, I’m a builder who builds for and serves the people, and Ari is building something truly game changing. I’m very motivated to help continue to globally expand our TKO, WWE, and UFC businesses as the worldwide leaders in sports and entertainment — while proudly representing so many phenomenal athletes and performers who show up every day putting in the hard work with their own two hands to make their dreams come true and deliver for our audiences. I’ve been there, I’m still there and this is for them.
The move puts Dwayne “The Rock” Johnson back next to TKO’s Executive Chairman of the Board, Vince McMahon who said of the move, “Very few people on the planet understand the convergence of sports, entertainment, media, and business like Rock. We are proud to have him join the TKO board to help take our company to new heights.”
Salute to Dwayne Johnson aka The Rock for this latest win.
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Photo: Icon Sportswire / Getty
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Diddy is no stranger to involving himself in high-powered business moves as it relates to his sprawling entertainment empire. The mogul is reportedly setting his sights on purchasing a majority stake in BET, joining two other power players at the table.
Diddy, also known as Sean Combs, was the subject of an exclusive report from Variety in which the outlet obtained news from a close source to Diddy that his eyes were set on BET.
The source tells Variety that Combs is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”
However, another source shared that Combs has an interest in the purchase of the longtime media network bug that he has yet to enter talks with Paramount nor has Paramount made any announcements that the BET sake would be up for sale.
As most might know, Diddy is the founder of REVOLT, a media company founded in 2013.
Joining Combs in the potential stake race are Tyler Perry and Bryon Allen, both owners of successful media operations themselves.
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Photo: Prince Williams / Getty
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