Supreme Revenues Drop $38.4 Million
New York-based streetwear behemoth generated revenues of $523.1 million for the year ended March 2023 – down from $561.5 million in the same period the year before. The report, lodged by parent company VF Corp (who recently Supreme in 2020), also stated that Supreme’s net income had decreased to $64.8 million, down from $82.4 million the year before. VF Corp had previously projected revenues of $600 million.
VF Corp, the parent company of other industry heavyweights like and Dickies, acquired Supreme for $2.1 billion.
‘The deal gives VF a bigger position in the $50 billion-plus streetwear market that has double-digit [percentage] annual growth potential and could render VF’s initial targets for $1 billion in long-term Supreme revenue as conservative,’ Cowen analyst John Kernan said at the time.
In February 2023, VF Corp tapped Tremaine Emory, founder of Denim Tears, to serve as Supreme’s creative director, a role that he currently holds. Last year, Supreme’s long reign as the most traded brand on the resale platform StockX came to an end, with imprint now sitting on that throne.
Despite the shortfalls, Supreme have continued to throw open the doors of new flagships, including a recent store opening in Sunset Boulevard, Los Angeles.