All articles tagged with #supreme
Italian eyewear manufacturer EssilorLuxottica is acquiring streetwear brand Supreme for $1.5 billion from VF Corp, which bought it for $2.1 billion in 2020. The sale reflects limited synergies between Supreme and VF Corp's other brands, and comes as Supreme's popularity has waned. EssilorLuxottica sees the acquisition as a way to connect with new audiences and expand its portfolio.
EssilorLuxottica has expanded into the streetwear market by acquiring Supreme in a $1.5 billion deal.
EssilorLuxottica is acquiring streetwear brand Supreme from VF Corporation for $1.5 billion USD. Supreme will continue to operate as a global lifestyle apparel brand, with founder James Jebbia remaining involved. The deal is expected to close by the end of 2024.
EssilorLuxottica has agreed to acquire the Supreme brand from VF Corporation for $1.5 billion in cash. The acquisition is expected to close by the end of the year, subject to regulatory approvals. Supreme, known for its digital-first business and 17 global stores, will join EssilorLuxottica's portfolio, leveraging the eyewear giant's expertise and operating platform. VF Corporation, which bought Supreme for $2.1 billion in 2020, decided to sell due to limited synergies with its integrated model.
Tremaine Emory, the former creative director of Supreme, has revealed the reasons behind his resignation, citing systemic racism at the company. Emory stated that his decision to leave came after founder James Jebbia removed images of a lynching and a formerly enslaved person from a collaboration with artist Arthur Jafa without informing him. Emory expressed disappointment in the lack of conversation surrounding the images and criticized the company for not being comfortable discussing systemic racism or working with Black artists. Supreme denies the cancellation of the collaboration and disagrees with Emory's characterization of the company. The controversy raises questions about the inclusion of images depicting Black pain and violence in fashion and the responsibility of fashion brands in addressing social issues.