Iconic streetwear brand Supreme is being sold to EssilorLuxottica, the maker of Ray-Ban, for $1.5 billion in cash. VF Corporation, Supreme’s current parent company, announced the sale yesterday, July 17, 2024.
Supreme will join EssilorLuxottica’s portfolio, which includes other brands like Oakley and Ray-Ban. James Jebbia founded Supreme back in 1994.
EssilorLuxottica executives Francesco Milleri and Paul du Saillant expressed excitement about acquiring Supreme, stating that the brand aligns well with their innovation goals and connects them to new audiences and creative opportunities.
“It perfectly aligns with our innovation and development journey, offering us a direct connection to new audiences, languages and creativity.”
Supreme sells its products directly to consumers, a strategy EssilorLuxottica intends to continue. VF Corporation’s president and CEO, Bracken Darrell, explained that there were “limited synergies” between VF and Supreme, making the sale a logical decision. VF’s other brands include The North Face, Napapijri, and Vans.
Supreme’s founder, James Jebbia, believes the sale will help the brand focus on its customers and ensure long-term success.
VF Corporation acquired Supreme in 2020 for $2.1 billion from Jebbia and two private equity firms. Supreme currently operates an online store and has 17 physical locations across the U.S., Europe, and Asia.
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