EssilorLuxottica to Buy Supreme Brand From VF for $1.5 Billion

By Adria Calatayud

Ray-Ban maker EssilorLuxottica agreed to buy the Supreme brand from Vans owner VF Corp. for $1.5 billion in cash.

The U.S. apparel company found as part of a strategic portfolio review that sale of Supreme was a natural next step given limited synergies between the two businesses, while the European eyewear and lenses company aims to expand its portfolio through the acquisition, the companies said.

The companies expect to close the deal by the end of 2024, they said.

The sale of the Supreme brand, which runs a digital-first business and 17 stores in the U.S., Asia and Europe, will dilute VF's earnings per share in fiscal 2025, the companies said.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

07-17-24 0243ET