As we previously reported, the corporate eyewear giant EssilorLuxottica made a surprising move by acquiring the skateboarding fashion brand Supreme for $1.5 billion.
This unexpected shift will see EssilorLuxottica, known for Ray-Ban and Sunglass Hut, take over Supreme from VF Corporation.
Francesco Milleri, Chairman and CEO of EssilorLuxottica, is excited about the acquisition, seeing it as a game-changer.
In a Press Release, EssilorLuxottica chairman and CEO Francesco Milleri said, “we see an incredible opportunity in bringing an iconic brand like Supreme into our company.” Milleri added that Supreme “perfectly aligns with our innovation and development journey, offering us a direct connection to new audiences, languages and creativity.”
He believes that blending Supreme's iconic status with his company's innovation-driven approach will open up amazing opportunities for all corporate skate lovers and fashionistas.
According to the company, EssilorLuxottica “will work to preserve” Supreme’s brand identity, direct commercial approach and customer experience.
“Supreme will have its own space within our house brand portfolio and complement our licensed portfolio as well,” Milleri continued in the press release. “They will be well-positioned to leverage our group’s expertise, capabilities, and operating platform.” Supreme founder James Jebbia will continue to be involved with the brand under the new ownership.
This is EssilorLuxottica's first big move into apparel, and Milleri believes it will expand their reach and strengthen their fashion reputation.
Despite industry surprise, industry watchers believe this acquisition could position Supreme alongside high-end brands and pave the way for more fashion-focused acquisitions since the streetwear giant is known for its top-of-the-line collaboration to corporations.