Supreme, the popular streetwear brand, has been sold to an eyewear manufacturer for a lower price than it was previously sold for. The Italian company, EssilorLuxottica, announced that it is acquiring Supreme for $1.5 billion in cash from VF Corp. Supreme, founded in New York in 1994, has gained popularity among skateboarders, hip-hop fans, and younger shoppers. EssilorLuxottica stated that the acquisition of Supreme aligns with their journey of innovation and development, and it marks their first-ever apparel brand acquisition. VF Corp’s shares surged after the announcement. Analysts suggest that the sale was a natural next step as there were limited synergies between Supreme and VF Corp’s brands.
