As a long-time Supreme fan and avid gamer, I can’t help but feel a mix of excitement and apprehension about the latest news that EssilorLuxottica is set to acquire Supreme for $1.5 billion USD. Having followed Supreme’s journey since its early days in the skateboarding scene, it’s been amazing to see how James Jebbia and his team have built this iconic brand from the ground up.
After several months of rumors, VF Corporation has announced that it will indeed sell the popular streetwear brand, Supreme. The deal is being finalized with EssilorLuxottica, a leading global company in the optical industry.
EssilorLuxottica announced a deal to purchase Supreme for $1.5 billion in cash. This agreement was made officially. Supreme was previously obtained by VF Corp last November for $2.1 billion. Known for brands like Ray-Ban and Oakley, EssilorLuxottica is a leading player in the eyewear industry with retailers such as LensCrafters and Sunglass Hut under its umbrella. However, this acquisition won’t affect Supreme’s status as a global fashion brand.
James Jebbia, the founder of Supreme, will continue to play a significant role in the company’s expansion and evolution. In a press release, he expressed his excitement about partnering with EssilorLuxottica, stating, “We have found an exceptional ally in EssilorLuxottica, who recognizes that our strength lies in staying true to our brand and continuing to grow as we have for the past three decades. This collaboration enables us to concentrate on the brand, our offerings, and our clientele, while setting the stage for a prosperous future.”
Based on my experience working in the retail industry for over a decade, I can confidently say that the anticipated closure of this deal by the end of 2024 is an exciting development. Having witnessed firsthand Supreme’s strategic expansion under VF into crucial markets like China and South Korea, I am optimistic about the potential growth opportunities this will bring.
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2024-07-17 10:56