Roughly two months after reports surfaced suggesting that Supreme was being shopped to new potential buyers by VF Corp., a deal has been reached that will see the James Jebbia-founded brand going to the eyewear-centered company EssilorLuxottica.
VF Corp. and EssilorLuxottica made the announcement on Monday, revealing that the two had entered into a definitive agreement under which the latter will pay $1.5 billion in cash for Supreme, recently named one of the best clothing brands of 2024 (so far) by Complex.
In a statement, Bracken Darrell, VF Corp. CEO and president, pointed to what he says has been “strong growth” for Supreme under the VF banner while also acknowledging a need for change.
“Given the brand’s distinct business model and VF’s integrated model, our strategic portfolio review concluded there are limited synergies between Supreme and VF, making a sale a natural next step,” Darrell said Wednesday. “Alongside the other notable brands in EssilorLuxottica’s portfolio, Supreme and its talented team will be well-positioned for continued success.”
For EssilorLuxottica, bringing Supreme into the fold marks “an incredible opportunity” for all involved, per CEO Francesco Milleri and deputy CEO Paul du Saillan.
“[Supreme] perfectly aligns with our innovation and development journey, offering us a direct connection to new audiences, languages and creativity,” the two said in a joint statement.
The move comes as Supreme continues to celebrate its 30th anniversary, an occasion Complex recently commemorated by taking a look back at the NYC brand’s extensive history of luxury collaborations. The sale is preceded by the VF Corp. acquisition back in 2020, with that deal landing at $2.1 billion.
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