Tag: streetwear

United States – Popular American streetwear clothing brand Supreme is set to be acquired by EssilorLuxottica for US$1.5b after the brand’s parent company VF Corporation entered into a definitive agreement with EssilorLuxottica to acquire said brand in cash.

The transaction is expected to close by the end of CY2024, subject to customary closing conditions and regulatory approvals. The Supreme brand runs a digital-first business and 17 stores in the U.S., Asia and Europe. The sale of Supreme is expected to be dilutive to VF’s earnings per share in fiscal 2025.

Speaking about the brand’s acquisition, Supreme founder James Jebbia, said, “In EssilorLuxottica, we have a unique partner that understands that we are at our best when we stay true to the brand and continue to operate and grow as we have for the past 30 years. This move lets us focus on the brand, our products, and our customers, while setting us up for long-term success.”

Meanwhile, Bracken Darrell, president and chief executive officer at VF commented, “Under VF, Supreme expanded its presence in the key markets of China and South Korea and has returned to delivering strong growth. However, given the brand’s distinct business model and VF’s integrated model, our strategic portfolio review concluded there are limited synergies between Supreme and VF, making a sale a natural next step. Alongside the other notable brands in EssilorLuxottica’s portfolio, Supreme and its talented team will be well-positioned for continued success.” 

He continued, “While we will always look to adjust the VF portfolio from time to time, this transaction gives us increased balance sheet flexibility. It also supports our overall program to better position the company for long-term growth and more normalised debt levels.”

Lastly, Francesco Milleri, chairman and chief executive officer and Paul du Saillant, deputy chief executive officer at EssilorLuxottica said, “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.”

They added, “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. They will be well-positioned to leverage our Group’s expertise, capabilities, and operating platform.”

Kuala Lumpur, Malaysia – As Tiger is dedicated to hyping up fans’ street food experience by continually introducing new and innovative features, the global beer brand from Asia has launched this year’s Street Food Virtual Festival, which presents fans an ‘epic collision’ between street food and an integral part of street culture – streetwear.

In November 2020, Tiger hosted its first virtual food festival in the Malaysian market. It included a virtual experience ‘exploring’ the virtual streets of Penang and Klang Valley, where users customized their avatar, likened to RPG, and won rewards through joining online activities and games.

The current mash-up aims to bring the two cultures together to create an experience for fans while breaking the boundaries of street food. The beer brand has partnered with renowned local streetwear brands to curate two limited-edition streetwear apparel each from EK Collective, TNT Co, The Swagger Salon, and Eversince, as well as Pestle & Mortar, and Dissyco.

One of the two streetwear merchandise will be included in the streetwear brand Hypefeast Drop, which comes with the street food dish that inspired the exclusive apparel, as well as a Tiger Beer and a Tiger Crystal, which has a limited quantity and is available on a first-come-first-served basis for fans residing in Kuala Lumpur, Selangor, Penang, Johor Bahru, and Ipoh. Moreover, the Hype Store within the virtual world will showcase one brand each week for fans to make their purchases, while the other limited-edition merchandise will be available for anyone at the virtual festival to purchase at the Hype Store.

Meanwhile, as part of Tiger’s efforts to support the local street food scene, over 100 street food vendors that serve both classic and innovative dishes will be part of the festival. Fans are in for a heightened street food experience when they accompany their favorite street food dishes with ice-cold Tiger Beer and Tiger Crystal, all delivered to their doorsteps. 

According to the brand’s manager, Joyce Lim, the previous Tiger Street Food Virtual Festival garnered over 101,000 total unique visitors and together, they helped 88 various local street food vendors.

“This year, we have made the festival bigger by expanding into more cities so fans can immerse themselves in the virtual world where street food and streetwear cultures collide,” said Lim.

Another unique highlight at the virtual festival is the Tiger Coins, where fans can easily earn these coins when they take part in fun games and activities, and even from their food and beer purchases. The Tiger Coins can then be used to redeem vouchers to purchase even more dishes, beers, and exclusive merchandise. 

In addition, festival goers who want to uncover their playful side can express themselves through the exclusive streetwear apparel on their avatars from the Xclusive Store and earn even more Tiger Coins when they take an OOTD within the virtual world and share it on their social media platforms. Other ways to earn them are by playing the exciting Street Food Dash and Streetwear Hunt games at the festival. The avatars of Lizz Chloe and Joshua Michael will be present to host festival goers and bring them through the mechanics of the games. 

While fans explore the virtual streets and interact with one another, they will also get to enjoy RM30 off with a minimum spend of RM160 on Tiger Beer or Tiger Crystal, excluding bundle deals, with the use of the promo code STREETFOOD30. More information and even more exclusive promotions can be found at www.drinkies.my.

Tiger said that there are many other attractive promotions available for fans outside of the virtual festival too. They can purchase two 6-can packs or a carton of Tiger Beer or Tiger Crystal at hypermarkets and supermarkets to get RM5 and RM10 foodpanda vouchers respectively. Meanwhile, at convenience stores, fans can get foodpanda vouchers worth RM2 each when they purchase three cans of Tiger products. Consumers who order from selected participating local street food vendors on foodpanda will enjoy RM2 off their purchases of big bottles of Tiger products as well.

Fans can be part of the Tiger Street Food Virtual Festival by signing up at its website, and earn one free can of Tiger Crystal, while stocks last.