Here's how much EssilorLuxottica is paying for Supreme, the skate brand with a cult following.
Fashion label Supreme will be sold to Ray-Ban maker EssilorLuxottica for $1.5 billion in cash, Supreme's current parent company, VF Corporation, said Wednesday. The popular skate brand will be added to EssilorLuxottica's portfolio of companies, which include sunglass brands Oakley and Ray-Ban.
'It perfectly aligns with our innovation and development journey, offering us a direct connection to new audiences, languages and creativity.'Supreme exclusively sells its products directly to consumers, an approach that EssilorLuxottica said it plans to maintain. VF president and CEO Bracken Darrell cited 'limited synergies' between the brand and VF that made the sale 'a natural next step.
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