EssilorLuxottica expands into streetwear with $1.5bn Supreme deal
EssilorLuxottica, the world’s leading eyewear company, has made a bold move into the world of streetwear with its recent $1.5 billion acquisition of Supreme. The deal, which was announced in early November, marks a significant expansion for EssilorLuxottica into the fashion and lifestyle space.
What is Supreme?
Supreme is a highly coveted streetwear brand that has gained a cult following around the world. Known for its limited edition drops, collaborations with high-profile artists and designers, and iconic red and white logo, Supreme has become a symbol of youth culture and urban fashion. The brand’s products, which include clothing, accessories, and skateboards, are often resold for significantly more than their retail price due to their exclusivity and popularity.
Why did EssilorLuxottica acquire Supreme?
EssilorLuxottica’s acquisition of Supreme represents a strategic move to diversify its brand portfolio and enter the lucrative streetwear market. By aligning itself with a brand that has strong appeal among younger consumers and a reputation for authenticity and exclusivity, EssilorLuxottica aims to tap into a new demographic and capture the attention of trendsetters and fashion enthusiasts.
What does this mean for EssilorLuxottica?
With the acquisition of Supreme, EssilorLuxottica has positioned itself as a key player in the streetwear and lifestyle industry. By leveraging Supreme’s brand equity and cultural relevance, EssilorLuxottica can expand its reach and engage with a new generation of consumers who are drawn to streetwear and urban fashion. The deal also opens up opportunities for collaboration and co-branding initiatives that can further enhance EssilorLuxottica’s position in the market.
Conclusion
EssilorLuxottica’s acquisition of Supreme represents a strategic move to diversify its brand portfolio and tap into the lucrative streetwear market. By aligning with a brand that has a strong following among younger consumers and a reputation for exclusivity, EssilorLuxottica can position itself as a key player in the fashion and lifestyle industry. The deal opens up new opportunities for collaboration and innovation, allowing EssilorLuxottica to expand its reach and engage with a broader audience.
FAQs
What is EssilorLuxottica?
EssilorLuxottica is the world’s leading eyewear company, formed by the merger of French lens manufacturer Essilor and Italian frame maker Luxottica in 2018. The company produces and distributes a wide range of eyewear products under well-known brands such as Ray-Ban, Oakley, and Persol.
How much did EssilorLuxottica pay for Supreme?
EssilorLuxottica paid $1.5 billion to acquire Supreme, making it one of the largest deals in the fashion and lifestyle industry in recent years.
What are the benefits of the EssilorLuxottica-Supreme deal?
The acquisition of Supreme allows EssilorLuxottica to diversify its brand portfolio and enter the lucrative streetwear market. By aligning with a brand that has strong appeal among younger consumers, EssilorLuxottica can expand its reach and engage with a new demographic. The deal also opens up opportunities for collaboration and co-branding initiatives that can drive growth and innovation for both companies.
