Supreme Lost Over $38 Million in Revenue in 2022: Report
Supreme has had a no good, very bad year.
The once-thriving streetwear giant has notched significant—and surprising—losses over past four fiscal quarters. From March 2022 to March 2023, the brand achieved a revenue total of $523.1 million, according to Business of Fashion. In contrast, the New York-based company notched $561.5 million the previous year, a loss of $38.4 million year on year.
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The brand was acquired by VF Corporation in November 2020 for $2.1 billion. The equity firm is the parent company of Vans and Timberland. The company didn’t respond to an inquiry from Robb Report about the revenue report.
As noted by Women’s Wear Daily at the time of the merger, the deal appeared to have advantages for both sides; its Denver-based owner could offer operational support and data knowhow, while Supreme could reveal the secret of how it makes consumers absolutely lose their minds over a limited-edition product.
“We talk about a light-touch integration with this business because it’s very successful, operating at a very high level today. We’ll take our time to get to know each other,” VF Corp chairman, president, and CEO Steve Rendle told WWD at the time of the acquisition. “This brand will continue to operate as it always has; we do not look to come in and make any changes. We’re here to help, support and enable.”
However, the partnership may not have been quite as beneficial to Supreme. Not too long ago, the Wall Street Journal published an in-depth article about the brand, suggesting that its new owners caused it to lose the exclusivity that gave it its cachet. Fans say that post VF-acquisition, Supreme is now offering more hoodies, jackets and shirts than they used to before. They also have opened more Supreme shops.
“I think they opened too many stores and basically put out too much product,” Gary Wong, a longtime Supreme collector, told the newspaper. “Back in the day, when there was a North Face [collaboration] drop, it was impossible to get—and nowadays, you can essentially walk into the store the next day or the week after, and still be able to buy it.”
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