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VF Corp. shocked the streetwear world when it announced last month that it would sell Supreme to eyewear giant EssilorLuxottica for $1.5 billion. It was more the buyer than the seller that came as a surprise; VF had struggled to implement its plan to scale Supreme after acquiring it in 2020, and badly needed the cash to pay down about $1 billion in loans coming due at the end of the year. Now, the company can focus on turning around Vans, its biggest brand, where sales have declined sharply.
VF hired former Lululemon chief product officer Sun Choe to head Vans in May. The company has talked more about trimming its portfolio than how it will revive its brands (The North Face and Timberland have also struggled to grow). It’s probably too soon to expect specifics on Choe’s impact at Vans, but even further guidance on the timing of a turnaround would be welcome news after so many bleak quarters.
Revolve’s acquisition of couture house Alexandre Vauthier, announced at the end of June, is almost as odd a pairing as EssilorLuxottica and Supreme. True, the online retailer has a high-end offshoot, FWRD. But it’s best known for accessibly priced dresses that photograph well for Instagram. As The Business of Fashion’s Robert Williams reported at the time of the deal, ties between FWRD and Vauthier run deep, and the couture label had entered into administration in February after struggling for years.
Revolve, too, is always looking ahead to its next act, a strategy that’s taken on new urgency as social media-centric brands have lost some of their sheen. As CEO Michael Mente put it to BoF, “influencer marketing is just one arrow in our quiver.” Another potential pivot: physical retail. Revolve converted its Aspen pop-up into a permanent outpost in June. Could more stores follow?
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