Updated 11:15 am PST: VF Corp. filed corrected financial information for Supreme after its initial announcement. Supreme contributed $538 million of revenue and $116 million in operating income during VF’s 2024 fiscal year – not $166 million as VF previous stated.
VF Corp. announced Wednesday that it is selling streetwear brand Supreme to sunglass conglomerate EssilorLuxottica, the owner of Oakley, Ray-Ban and myriad other brands and eyewear retail chains.
EssilorLuxottica will pay $1.5 billion in cash for Supreme, which VF acquired in late 2020 for $2.1 billion under previous VF CEO Steve Rendle.
Supreme contributed $538 million of revenue and $116 million in operating income during VF’s 2024 fiscal year, according to VF’s filings with the SEC.
VF, which owns 12 brands in total, including Vans, Timberland, and North Face, is overburdened with debt, and has been racing to implement a turnaround plan while cutting costs and restructuring the business.
Forl the full story, including why one investment banker said he was “stunned” by both the price and the acquisition rationale, see our sister business news site Shop Eat Surf.
