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).
Exclusive: @longchamp is planning to stage its first official runway show at New York Fashion Week this fall. The French leather goods firm has expanded into ready-to-wear as part of its repositioning as a lifestyle brand. The show, scheduled for September 8, will also cap the brand’s 70th anniversary celebration. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @dominiquemaitre)
The Duke and Duchess of Sussex undertook their first overseas engagement as a married couple in Dublin. The trip included multiple events and outfits changes, including this black dress by @emiliawickstead that Meghan Markle wore for a party at the British Ambassador’s home. #wwdfashion #royals
At 20 years old – and with an estimated net worth of $900 million - @kyliejenner is the youngest person to ever make @forbes’ annual list of America’s Richest #SelfMadeWomen. “It’s incredible to be recognized for something I’m so passionate about, and I’m really grateful for that. I’ve always loved makeup and worked really hard to bring the first lip kit to the market,” said Jenner on founding @kyliecosmetics. See who else is on the list on WWD.com. #wwdnews #wwdbeauty (📷: @rainerhosch)
“The collection is inspired by Tulum and the Mayan Riviera – its laid-back luxury, life of cabanas, untouched coastline, natural habitats, exotic cocktails and jungle parties with renowned DJs,” said Matteo Maniatty, creative director and cofounder of @descendantofthieves, on the brand’s inspiration for its latest collection. See more designer sketches and inspirations on WWD.com. #wwdfashion #nyfwmens #nyfw
@riccardotisci17 is releasing a limited-edition capsule collection as part of his anticipated runway debut for @burberry in September. Delivered in a series of instant drops, this is the second Burberry capsule collection announced since Friday, when Tisci broke the news on his collaboration with @viviennewestwood. Get all the details on WWD.com. #wwdfashion #wwdnews
“It’s like a Cinderella story. You get a little fake, you get a little real, you put it together and voilà,” said legendary rapper Slick Rick, who helped pioneer the merge of luxury and streetwear. WWD’s @ariahughes spoke to @therulernyc about his jewelry collection, his collaboration with @bally and how the industry has evolved – link in bio. (📷: @kristaschlueter)
@ragandbone and @eminem are teaming up on a special capsule collection of streetwear pieces. Sold at a one-day pop-up in London’s Soho on Friday, the collection features three different T-shirt designs and a hoodie. The capsule is set to kick off the rest of Eminem’s shows in his European Revival Tour, which ends on Sunday. Get all the details on WWD.com. #wwdfashion