Italian-French eyewear giant EssilorLuxottica announced on Wednesday that it will purchase U.S. urban fashion brand Supreme for $1.5 billion in cash from VF Corp. The move comes as EssilorLuxottica aims to tap into the lucrative streetwear market and expand its customer base.
Definitive Agreement and Legal Advisers
EssilorLuxottica SA confirmed it has entered into a definitive agreement with VF Corp., a U.S. apparel and footwear company, to acquire the Supreme brand. The acquisition of EssilorLuxottica’s $1.5B Streetwear Brand Buy will allow the eyewear giant to cater to the growing demand for streetwear fashion.
Latham & Watkins LLP is serving as legal adviser to EssilorLuxottica, which owns renowned eyewear brands including Ray-Ban and Oakley. The legal team was led by partners Jason Morelli, Bradley Faris, and Antonio Coletti, along with associate Grace Kim.
On the other side, Davis Polk & Wardwell LLP is advising VF Corp., with a team comprising partners Marc O. Williams and Daniel Brass, and associate Christine Choi.
EssilorLuxottica $1.5B Streetwear Brand Buy : Supreme’s Rise to Fame
Founded as a skateboarding lifestyle label in New York in 1994, Supreme’s urban styling quickly gained popularity among fashion enthusiasts and celebrities. The brand’s prominence soared in 2017 following a high-profile collaboration with luxury fashion house Louis Vuitton.
Strategic Move for EssilorLuxottica
EssilorLuxottica stated that the acquisition of EssilorLuxottica’s $1.5B Streetwear Brand Buy will enable the company to connect with new audiences and broaden its market reach.
