EssilorLuxottica, a global leader in the optical industry, announced that it has successfully closed the previously announced transaction to acquire the Supreme brand from VF Corp. for an aggregate base purchase price of $1.5 billion in cash, subject to customary adjustments. All relevant competition authorities have cleared the transaction.
SGI Europe previously covered the deal between VF and EssilorLuxottica, which attracted considerable attention in the sports industry.
In its annual report for its fiscal year ended March 2023, VF reported total revenue of $523 million for Supreme, down by 6.8 percent from the previous year. Net income was also down from $82 million in FY 2022 to $65 million in FY 2023, corresponding to a 12.5 percent net margin ratio.
