New-York based streetwear giant Supreme generated revenues of $523.1 million for the year ended March 2023, down from $561.5 million in the same period the year before, according to parent company VF. Corp’s annual report.

Net income also decreased to $64.8 million, down from $82.4 million the year before.

Previously, the company had projected Supreme to generate revenues of $600 million last year.

The Denver-based fashion group acquired Supreme in 2020 for $2.1 billion, hoping to cash in on the brand’s global appeal among young streetwear and luxury consumers. It then tapped Denim Tears founder Tremaine Emory as its creative director in February last year.

But streetwear’s significance has faded as fashion’s trend cycle moved on, while a host of smaller brands — like Aimé Leon Dore, London-based Corteiz and Ghana’s Free The Youth — connected to youth culture are diverting the attention of Gen-Z hypebeasts and taking market share from the brand. Last year, Supreme lost its crown as the most traded brand on resale platform StockX for the first time ever, replaced by Jerry Lorenzo’s Fear of God.

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