Exciting news from the fashion and retail world!
VF Corporation has sold Supreme to EssilorLuxottica for $1.5 billion in an all-cash deal. This move is significant as it's the first time EssilorLuxottica, a global leader in the optical industry, has ventured into apparel.
VF Corp's CEO, Bracken Darrell, stated that the sale was a strategic decision due to the limited synergies between Supreme's business model and VF’s integrated approach.
The acquisition by EssilorLuxottica has raised eyebrows, with some investors questioning the move given the gap between EssilorLuxottica's eyewear specialization and Supreme's streetwear brand. However, EssilorLuxottica's strong distribution capabilities and brand management skills are seen as potential advantages.
EssilorLuxottica's CEO, Francesco Milleri, and Deputy CEO, Paul du Saillant, view the acquisition as an incredible opportunity, aligning with their innovation journey. They believe Supreme's unique brand identity and customer experience will complement their existing portfolio.
Interestingly, there are also rumors that Meta is considering acquiring a 5% stake in EssilorLuxottica, adding another layer of intrigue to this news.
As someone who has had the pleasure of collaborating with EssilorLuxottica on several occasions, I am confident they will do an amazing job entering the world of fashion. I wouldn't be surprised if they replicate the unprecedented success they achieved with Ray-Ban.
#EssilorLuxottica #Supreme #FashionIndustry #RetailNews #Innovation #StrategicAcquisition
Assistant Manager - WFM
2moIt was an honour working with you sir... You have always been a key for the extreme knowledge regarding contact lenses..