In 2022, Supreme's Sales Slumped
Thanks to the power of the Box Logo, Supreme is arguably the most globally recognized brand in streetwear. With close to 30 years under its belt, with at least two decades operating as streetwear's elder statesman, 'Preme's legacy is ironclad.
Now, that doesn't mean that Supreme is bulletproof. As we explained when we said "Supreme is dead" a while back, all institutions go through phases. Ups and downs are normal: if a brand lives long enough, its clout will both peak and crater. Just because Supreme is "dead" doesn't mean it's bad or even entirely irrelevant.
Anyways, whether you think Supreme is on the top of its game or Supreme's currently in a cultural slump, there's one fact you can't argue: Supreme's revenue has taken a hit, falling almost $80 million shy of analyst projections.
Almost three years ago, in November of 2020, VF Corp, the parent company of Dickies, The North Face, Vans, and more, acquired Supreme for over $2.1 billion. Not long afterwards, the corporation bet big on its acquisition, forecasting $600 million in revenue for Supreme's 2022 fiscal year.
Fast forward to now and the latest results for Supreme's financials are in, according to an investor report published by VF Corp. Supreme generated revenues of $523.1 million for the year ending March 2023, a decrease from $561.5 million in the same period the previous year.
This decrease also applies to Supreme's net income, which has decreased from $82.4 million to $64.8 million.
Not great news, in other words.
While it's difficult to pinpoint the exact reasons that Supreme has seen such a significant decrease in revenue considering the high expectations VF Corp shared following its lofty acquisition back in 2020, this information, coupled with 'Preme losing its top spot as the most resold brand on secondhand platforms — to Fear of God's ESSENTIALS sub-label, no less — may bolster claims that the brand has fallen from grace – or, in other words, perhaps Supreme is dead.
Of course, despite its underwhelming revenue, Supreme is clearly still selling.
Many of the best Tremaine Emory-designed pieces continue to fly off shelves.
But plenty of stock regularly sits online following Supreme's Thursday releases, offering a pretty solid signal that the brand's golden era is a thing of the past.
