Supreme, the popular streetwear brand, has been acquired by an eyewear manufacturer for $1.5 billion in cash. The Italian company, EssilorLuxottica, purchased Supreme from VF Corp., the parent company of Vans and Dickies, which had bought it for $2.1 billion in 2020. EssilorLuxottica stated that the acquisition adds an apparel brand to its portfolio. Founded in New York in 1994, Supreme has gained popularity among skateboarders, hip-hop fans, and Millennials. The sale was seen as a logical move due to limited synergies between Supreme and VF Corp.’s brands. Retail analysts are curious about EssilorLuxottica’s plans to revive Supreme’s success.
