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L egendary New York skate brand Supreme is once again on the auction block.
This time, the James Jebbia-founded company has been sold to EssilorLuxottica, which owns many famous eyewear companies, such as Ray-Ban, Oakley, Persol, LensCrafters, and Sunglass Hut.
The deal is worth $1.5 billion in cash as the company acquires Supreme from its current owner, VF Corporation.
For Jebbia, it was less about a price than finding a buyer who stays true to Supreme’s skate and rebellious ways it has adhered to over the last three decades once they take over.
While attempting to stay authentic, EssilorLuxottica understands that Supreme only sells its products directly to consumers, and it plans to keep it that way.
“In EssilorLuxottica, we have 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,” Jebbia said in a press release . “This move lets us focus on the brand, our products, and our customers while setting us up for long-term success.”
EssilorLuxottica executives Francesco Milleri and Paul du Saillant are excited to nab a brand outside of their eyewear expertise as they look to expand their portfolio.
“We see an incredible opportunity in bringing an iconic brand like Supreme into our company,” EssilorLuxottica executives Francesco Milleri and Paul du Saillant said. “It perfectly aligns with our innovation and development journey, offering us a direct connection to new audiences, languages and creativity.”
This is the second time Supreme has been sold. VF previously bought it in 2020 for $2.1 billion from its founder, Jebbia, and two private equity firms.
Supreme’s sale isn’t good news for all, as the brand’s former creative director, Tremaine Emory, seemed to respond to the $2 billion deal with a tweet that read, “Packs wasn’t moving on the streets, so they ran that weight off wholesale and cut they losses…”
See how social media is reacting to the sale below.
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