Supreme New York is looking for some extra financial know-how to help take the hip skate brand to the next level.Multiple sources said the company is pounding the pavement to find an experienced chief financial officer in the wake of private equity giant Carlyle’s $500 million investment in July, which valued the firm at $1 billion.Carlyle and Goode Partners, which sold at least a part of its stake to Carlyle, are said to be driving the process. Handling it is said to be executive search firm The Corrigan Group, which is looking for a cfo who knows their way around a public company’s books.Supreme founder James Jebbia is known for hiring from within a close-knit skate community, which gave the brand its start and now lends it the credibility link with the luxury world. But to continue to develop the company it would help to have a strong hand on the financial controls.The famously tight-lipped Supreme as well as and Corrigan did not respond to WWD queries on Wednesday and Carlyle declined to comment, but the addition of some financial muscle often follows a big investment.As outsider as Supreme’s image is — for years, the brand has courted cool with scarcity and never seems to make enough product to come anywhere near to satisfying rabid demand — observers believe the company will have to ultimately change as it continues to grow.And that typically means bringing more traditional oversight and financial controls to a business that has grown rapidly and organically. For Carlyle to make its exit, it's likely the company would have to be sold to a strategic or financial player or that it would be sold on the open market through an initial public offering.“Undoubtedly in connection with the investment, Carlyle more than kicked the tires and did both a legal and financial audit,” said attorney Douglas Hand of Hand Baldachin Amburgey. “So if there are any skeletons in the closet, so to speak, or lingering liabilities that would be problematic in the context of an IPO, they’ll clean those up.”While tightening up the financial structure could require expertise from beyond the company's skate core, more buttoned-up types can work culturally for even the hippest of companies.“With lots of brands, what they care about the most internally is that people are themselves,” Hand said. “I don’t know if the cfo of Supreme has to be able to skate a half-pipe to be effective, they just have to be comfortable in their own skin.”Cfos and a robust financial reporting system can also be helpful for investors wanting to protect their investment.“For private equity, the hiring of the cfo to watch their money is very important,” said Les Berglass, ceo and founder of Berglass + Associates.There are, however, plenty of eyes already on the investment at Supreme.One source said Keith Miller, a partner at Goode, remains on the company's board.Miller has gotten kudos from his investment peers for helping guide Supreme — and for making a rich return on the investment.The source said the game plan includes geographic expansion as well as more collaborations (The Louis Vuitton collaboration this summer is said to have produced 100 million euros in business and helped position the company for its sale).
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)