Only four years on from VF Corp’s $2.1 billion USD acquisition of Supreme, the NYC skate brand is now being sold once again, this time for $1.5 billion USD to EssilorLuxottica.
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EssilorLuxottica is a leader in the eyewear sector worth over $90 billion USD, boasting ownership of iconic brands like Ray-Ban, Oakley and Persol, which are just a few of the 150 companies under the EL banner.
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The European giant is also responsible for partnering with Meta on the Ray-Ban Smart glasses - a project, which according to the Financial Times, could now see a future release through Supreme to build on the success of the wearable computers.
The acquisition of Supreme marks EssilorLuxottica’s first venture outside the realms of eyewear, with EL chief executive Francesco Milleri and deputy Paul du Saillant commenting they saw an “incredible opportunity to bring an iconic brand like Supreme” into the company, continuing with “(the acquisition) perfectly aligns with our innovation and development journey, offering us a direct connection to new audiences, languages and creativity.”
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James Jebbia, founder of Supreme said: “In EssilorLuxottica, we have a unique partner who understands that we are at our best when we stay true to the brand and continue to operate and grow as we have done for the past 30 years. This move allows us to focus on the brand, our products and our customers, as we prepare for long-term success.”
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The deal is expected to go through by the end of this year.
