The deal helps put VF back on its financial feet and gives EssilorLuxottica a new angle on younger customers.
as “a unique partner that 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 lets us focus on the brand, our products and our customers, while setting us up for long-term success.”EssilorLuxottica is a giant with more than 25 billion euros in revenues last year, 200,000-plus employees in 150 countries and 18,000 stores.
A week after the acquisition was revealed, Francesco Milleri, EssilorLuxottica’s chairman and chief executive officer, said he was surprised by the surprise, telling analysts that the brand was not just profitable, but a “perfect” strategic fit. as a communication platform, is really a direct channel to an audience that is very difficult to reach,” Milleri said. “And this communication channel has a real great reputation that maintained for more than 30 years….It’s not so complex.
Last year, Supreme posted $538 million in revenues with operating income of $116 million. The brand both grew and remained exclusive, a digital-first business with just 17 stores globally, but VF had to repeatedly write-down the value of the acquisition. The debt taken on to make the deal, combined with a dramatic slowdown in Vans business and other problems eventually led to the departure of VF CEO Steve Rendle in 2022.
VF has also been working to sell its backpack business and reviewed its entire portfolio, including Vans, The North Face, Timberland and Dickies, but the new CEO Bracken Darrell has said he’s done selling off businesses for now and is going in the process ofLady Gaga Embraces Dark Glamour in Caped Celine Dress, Channels ‘Joker’ Hues With Tiffany Necklace at ‘Folie à Deux’ Los Angeles PremierePolice Seize More Than $6 Million Worth of Counterfeit Designer Handbags and Jewelry.
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