EssilorLuxottica to acquire Supreme from VF Corp. for $1.5B in cash

EssilorLuxottica (ESLOY) and VF Corporation (VFC) announced that they have entered into a definitive agreement for EssilorLuxottica to acquire the Supreme brand from VF for $1.5B in cash. The transaction is expected to close by the end of CY2024, subject to customary closing conditions and regulatory approvals. The Supreme brand runs a digital-first business and 17 stores in the U.S., Asia and Europe. The sale of Supreme is expected to be dilutive to VF’s earnings per share in fiscal 2025. J.P. Morgan and Latham and Watkins are serving as exclusive financial and legal advisors to EssilorLuxottica on the transaction, respectively. Goldman Sachs & Co. LLC is serving as lead financial advisor and UBS Investment Bank is serving as financial advisor to VF. Davis Polk & Wardwell LLP is acting as legal advisor to VF. Francesco Milleri, Chairman and CEO and Paul du Saillant, Deputy CEO at EssilorLuxottica said: “We see an incredible opportunity in bringing an iconic brand like Supreme into our Company. It perfectly aligns with our innovation and development journey, offering us a direct connection to new audiences, languages and creativity.”