Sale of Supreme seen dilutive to VF's EPS in FY25 (Il Sole 24 Ore Radiocor) - Paris, 17 Jul - Franco-Italian eyewear and ophthalmic lens producer EssilorLuxottica said it has entered into a definitive agreement to buy the Supreme brand from US clothing company VF Corporation for 1.5 billion dollars in cash.

The transaction is expected to close by the end of calendar year 2024, subject to customary closing conditions and regulatory approvals. The Supreme brand runs a digital-first business and 17 stores in the US, Asia and Europe. The sale of Supreme is expected to be dilutive to VF's earnings per share in fiscal 2025.

'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. With its unique brand identity, fully-direct commercial approach and customer experience - a model we will work to preserve - Supreme will have its own space within our house brand portfolio and complement our licensed portfolio as well," said Francesco Milleri, the chairman and chief executive officer and Paul du Saillant, deputy CEO at EssilorLuxottica.

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(RADIOCOR) 17-07-24 09:00:26 (0184) 5 NNNN