Supreme looks to hire CFO after Carlyle Group investment
Carlyle Group Lp Uts
€14.37
19:59 22/03/17
Three months after founder James Jebbia offloaded 50% of his New York skate shop and clothing brand Supreme to DC-based investment firm The Carlyle Group, the private equity group was already beginning to take steps to expand the business, starting with the hiring of a chief financial officer.
The recruitment drive was said to be part of Supreme's future plans to open additional locations, including further international expansion, and build upon its already impressive resume of high-profile collaborations akin to its joint release with Louis Vuitton in summer.
The Carlyle Group and Goode Partners, which held a secret stake in the deal, purchased half of Supreme for $500m in October, making the streetwear icon a $1bn entity overnight.
Supreme had projected earnings of $100m for its 2017 financial year, making the valuation in excess of ten times that number.
In regards to working with the Carlyle Group, Jebbia told the Business of Fashion at the time: "We're a growing brand, and to sustain that growth we've chosen to work with Carlyle, who has the operational expertise needed to keep us on the steady path we’ve been on since 1994.
"Working with Carlyle allows us to concentrate on doing what we do best and remain in control of our brand, as we always have."
At 1440 GMT, Carlyle Group shares were down 0.4% to $25.04.