EssilorLuxottica has agreed to acquire streetwear brand Supreme from VF Corporation for US$1.5 billion in cash. The acquisition will expand EssilorLuxottica's portfolio, which already includes the Ray-Ban and Oakley brands.

Supreme was founded in 1994 in New York by James Jebbia and initially focused on skateboarding and urban fashion trends. With its distinctive red and white logo, Supreme has become a successful mainstream brand that now operates an online store and 17 stores in the US, Asia and Europe. VF Corporation acquired Supreme in 2020 in a $2.1 billion deal that included PE firm The Carlyle Group and investors including Goode Partners.

EssilorLuxottica, the world's largest eyewear manufacturer, was formed in 2017 by the €50 billion merger of Luxottica and French lens maker Essilor. The company recently launched an enhanced version of its eyewear with a built-in audio-video system in partnership with Meta and acquired Israeli start-up Nuance, which is developing new hearing technology for consumers suffering from mild to moderate hearing loss.