Supreme saw a loss at the end of its financial year in March.
According to Business of Fashion, the streetwear brand saw total revenues of $523.1 million from March 2022 to March 2023, marking a downturn in sales from the previous fiscal year, when it earned $561.5 million.
The New York-based company also saw a loss in net income with $64.8 million reported this year, as opposed to $82.4 million the previous year. Supreme initially expected to earn revenues of $600 million from 2022 to 2023.
VF Corporation acquired Supreme in November 2020 for $2.1 billion. The equity firm also owns iconic brands like The North Face, Timberland, and Dickies.
"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 in an official statement at the time. "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.”
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In less than a year, Supreme also opened new brick-and-mortars in Chicago and West Hollywood, Los Angeles. The Chicago shop is the city’s first Supreme location, debuting in November in the city’s Wicker Park neighborhood. In Los Angeles, the brand’s flagship store was located on Fairfax Avenue for 19 years, later moving to West Hollywood in February.
