Streetwear fashion brand Supreme was put on the map in the mid-90s and since then has become synonymous with skater/hip-hop fashions. But since the company’s fall from popularity…
A new, larger company seized the opportunity to acquire the brand.
Here’s what you need to know.
Rise And Fall Of Supreme
Since its rise in 1994, Supreme has dominated the world of streetwear fashion.
Stealing the hearts of skateboarders everywhere…
The brand’s exclusivity helped its popularity explode.
As the company grew, its fashion drops regularly sold out…
And lines formed hours ahead of their stores opening full of eager fans waiting to get their hands on the latest items.
However, since its quick rise, the company has faced a plethora of challenges that damaged its vibrant reputation and bottom line.
For starters, Supreme started introducing more and more products and items to its catalog. You’d think that this would increase the company’s popularity, yet it did the opposite. Eliminating the exclusivity of the brand hurts its cultural infamy…
MEANING FEWER PEOPLE FIND IT “COOL” TO OWN A PIECE.
On top of that, resellers have made it impossible for average Supreme fans to get a piece of clothing. Resellers would buy out the entirety of limited drops only to sell the pieces at inflated prices…
Making the already expensive clothes even more unaffordable.
All these factors, on top of the expanded competition from a new wave of streetwear brands, contributed to Supreme’s fall from grace.
In 2020, the company was bought out by V.F Corporation, the parent company of Vans and Dickies, for $2.1 billion.
Now, Supreme was acquired by a new company for almost half as much.
Under New Management
Italian company EssilorLuxottica finalized its purchase of Supreme on July 17.
THE ACQUISITION WAS MADE FOR $1.5 BILLION IN CASH.
While you might not be familiar with the company EssilorLuxottica, you’re definitely familiar with their product. They are an eyewear company responsible for making Ray-Ban, Oakley, Persol, and Oliver People…
And the company currently has licensing agreements with Chanel, Coach, and Dolce and Gabbana.
Supreme marks the company’s first fashion brand acquisition. The company said in a statement that Supreme…
“PERFECTLY ALIGNS WITH OUR INNOVATION AND DEVELOPMENT JOURNEY, OFFERING US A DIRECT CONNECTION TO NEW AUDIENCES, LANGUAGES AND CREATIVITY,”
EssilorLuxottica hasn’t described in detail their plans with the streetwear brand, and in a time where fashion giants are struggling to find their footing…
Could make things more complicated.
But if they play their cards right…
They stand to put Supreme back into the hearts, and closets, of streetwear enthusiasts.
Be Great,
GCTV Staff
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