It's a marathon, not a sprint, y'all.
My relationship with Supreme isn’t *exactly* that of an early adopter. Sure, I was never a skater or anything cool like that, but I was around for the days you could stroll into the Fairfax storefront and just buy something. No line. No crowd.
Working nearby, I saw the location transform into a breeding ground for resellers. Shoppers would wait for hours on end (before they instituted a slightly better queue process), don their collectible merch instantly, or walk across the street to Fairfax coffee for instant swapping and selling.
Every Thursday they wreaked havoc on the already limited Fairfax residential parking, the sidewalks were like a bazaar of sellers and onlookers. And at what many would call its peak, Supreme was swallowed by the hypebeast. The context had changed, the coolness had been spread too thin.
This was no fault of Supreme who relies heavily on obscure references and artist collaborations and continues to turn out pretty good quality items as well, it's just the thing that happens.
With a slight (::cough:: $38 million ::cough::) downturn in profits reported this fiscal year, it would appear as though Supreme has fallen from grace among the target market.
According to Hypebeast, "In the fiscal year ending March 2023, Supreme reported revenues of $523.1 million USD, marking a $38.4 million USD decrease from the same figure for the year prior, according to parent company VF Corp’s report.
The streetwear label’s revenue results fell short of VF Corp’s $600 million USD target by a significant margin. Additionally, Supreme’s net income took a hit, tallying $64.8 million USD, down from last year’s $82.4 million USD."
While Supreme does have a non-traditional business model, it seems more likely that the changes are more closely linked with culture’s renewed obsession with luxury brands, a return to “quiet luxury,” and Gen Z’s interest in the niche and avant garde.
I am optimistically hoping that the dip saves Supreme. Let it return to its roots, let it expand and contract as trends do. It’s the only way it can ensure its survival. Let us not forget the bevy of streetwear brands that were once ‘Preme’s cohorts. Or worse, the multitude of celeb-backed fashion brands that disappeared without a trace. (I won't name names, but everybody and they mama thought they could copy the Supreme brand strategy and... yeah.)
Time will tell what the future holds for Supreme, but I recommend hanging on to those box logos... for now.