The most popular streetwear company in the world has a new owner. Maximum sold once again for $1.5 billion.
High Snobbery is reference that the New York-based brand has been put up for sale for the second time in the past five years. In November 2020, VF Corporation announced that it had agreed to buy Supreme in a $2.1 billion all-cash deal. VF is a global apparel company that houses many high profile brands including The North Face, VANS, Timberland, Dickies, Jansport and more. The two entities enjoyed a long-standing business relationship prior to the deal due to several collaborative efforts between Supreme and their brands.
On July 17, VF announced that it had reached an agreement with EssilorLuxottica to acquire Supreme for $1.5 billion. The deal has taken the industry by surprise as EssilorLuxottica has historically only played in the eyewear space.
Francesco Milleri, President of EssilorLuxottica expressed his enthusiasm to official statement
“We see an incredible opportunity to bring an iconic brand like Supreme into our company,” he said. “It aligns perfectly with our innovation and growth journey, giving us direct connection to new audiences, languages and creativity. With its unique brand identity, fully direct commercial approach and customer experience – a model we will work to maintain – Supreme will have its own space in our brand portfolio and will also complement the licensed portfolio. They will be well placed to leverage our Group's expertise, capabilities and operating platform.”
Supreme founder James Jebbia commented: “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 for the past 30 years. This move allows us to focus on our brand, our products and our customers, while setting us up for long-term success.”
You can check out the Supreme 2024 Summer T-Shirt here.
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Photo: Getty