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UPDATE: Hip-Hop Wired reached out to LVMH, and the company maintained it is, and doesn’t comment on, a “rumor.”

James Jebbia may have cashed out. Rumor is that LVMH aka LVMH Moët Hennessy Louis Vuitton SE—the parent company of Louis Vuitton, Hennessy, Fendi, Givenchy, Hublot and much more—has purchased streetwear brand Supreme for $500M. 

Supreme recently collaborated with Louis Vuitton for a capsule collection dropping Fall/Winter 2017. According to HighSnobiety, LVMH went ahead and purchased the brand, founded by James Jebbia in 1994.

Says High Snobiety:

Were the rumors to be true, it’d be an absolutely spectacular turn of events. Supreme, the fuck-you mentality skate brand which started from a modest store in downtown New York, bought by one of the biggest players in the luxury clothing business. It’d have huge implications for the brand’s operations — would Supreme’s business be grown as aggressively as Louis Vuitton’s, which has 3,708 stores worldwide? Would the brand’s new owners be happy to leave money off the table just to keep products limited?

Of course, this could just be gossip — rumors were bound to spread following a collaboration this massive. However, longtime Supreme Brand Director Angelo Baque recently announced his departure from the label, so maybe he’s making his exit before the brand changes hands.

Considering how hypebeasts crave their Supreme and the brand’s renown, $500M sounds like a steal.

Actually, highway robbery.

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