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French-Italian eyewear giant EssilorLuxottica announced on Wednesday that it will purchase the streetwear brand Supreme from U.S. apparel and footwear group VF Corporation for $1.5 billion in cash.
The sale is anticipated to negatively impact VF’s earnings per share in fiscal 2025, according to a joint statement from both companies. The transaction is expected to finalize by the end of 2024.
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In a separate development, EssilorLuxottica also revealed that it has secured an 80% stake in Heidelberg Engineering, a Germany-based company specializing in diagnostic solutions and digital surgical technologies for clinical ophthalmology, although no financial details were disclosed.
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