In a surprise move, Essilux, the Del Vecchio family's eyewear conglomerate, adds Supreme, the New York high-end lifestyle brand that manufactures clothing, shoes, accessories, and, to a lesser extent, eyewear, to its portfolio. Supreme is popular among a young demographic, and the company generated approximately $500 million in revenue in the previous fiscal year. Essilux paid 1.5 billion to acquire the brand from VF Corporation, a Wall Street-listed conglomerate that also owns Timberland, Vans, Eastpack, Northface, and Dickies, and which purchased Supreme for 2.1 billion four years ago. As a result, President Francesco Milleri recognized the American brand as worth three times its turnover. The market does not appear to have grasped the concept yet, possibly because Supreme was founded in the 1990s as a streetwear brand rather than an eyewear brand. Strategically, Essilux aims to expand Supreme's eyewear division, distribution channels (17 stores, including in markets of interest to the Milleri group such as China, Japan, and Korea, as well as a profitable e-commerce platform), and, most importantly, new technological products to offer to a technology-driven community.
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