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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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Source: Jeff Bottari / Getty
Dave Portnoy is now the 100% owner of Barstool Sports after Penn Entertainment sold the entity back to him.
As spotted on CNBC, the American businessman has purchased the digital media company back. On Tuesday (Aug. 8), the deal was announced to the public. According to the news outlet, the terms of the sale have yet to be disclosed. Back in February the platform was evaluated at $600 million dollars by Penn Entertainment when they completed the acquisition of Barstool Sports. At the time of the full buyout Dave Portnoy expressed his enthusiasm via formal statement.
“Barstool Sports is bigger than ever and has become more than I ever dreamed of,” Portnoy said. “I’m very thankful to the Barstool team and Stoolies who have been along for the ride. I’m looking forward to this next chapter with PENN.”
In typical fashion he took to social media to give a much needed update to the Stoolies via what he deemed an emergency press conference. “As of this moment, while you are watching this video, I have purchased back Barstool Sports from Penn. For the first time in a decade, I own 100% of Barstool Sports” he said in a Twitter video.
He went on to give more detail on why the partnership didn’t work out. “We underestimated just how tough it is for myself and Barstool to operate in a regulated world where gambling regulators, The New York Times, Business Insider hit pieces f—ing with the stock prices every time we did something. It was one step forward, two steps back. The regulated industry is probably not the best place for Barstool Sports and the type of content we make.”
You can see Dave discuss things below.
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