Supreme’s Sale to EssilorLuxottica, Explained

French-Italian eyewear group EssilorLuxottica is buying New York-based streetwear juggernaut Supreme from US apparel group VF Corp. for $1.5 billion in cash in a surprise deal announced Wednesday morning. The deal price represented a comedown from the $2.1 billion VF paid for the brand four years ago.

Since VF acquired Supreme in 2020 buzz around streetwear has cooled as some consumers — and luxury brands, which co-opted its aesthetic, marketing tactics and hero products like sneakers and…