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Supreme has gone from hustling graphic t-shirts to cashing out. The street wear giant has just confirmed they have sold a 50% stake in the company for $500 million.

Amidst much speculation of a possible sale, founder James Jebbia has confirmed that The Carlyle Group has purchased 50% of the company for a whopping $500 million.

This is a first in many ways for streetwear as no other brand in the category has sold for anything remotely close to this purchase price. Additionally Supreme joins Uber, Snapchat, Spotify and Dropbox on the very elite “Unicorn List” of private companies valued over $1 billion.

In an exclusive interview with Business Of Fashion Jebbia explained the move as an investment versus a buyout. “We’re a growing brand, and to sustain that growth we’ve chosen to work with Carlyle, who has the operational expertise needed to keep us on the steady path we’ve been on since 1994. Working with Carlyle allows us to concentrate on doing what we do best and remain in control of our brand, as we always have.”

Allegedly the move grants Supreme an instant injection of cash flow allowing for incremental growth and creative control. While the deal on paper seems to be a prudent move, fans have already started crying the “the Chanel of street wear” has sold out thus loosing street credibility.

Considering their colossus collaboration with Louis Vuitton, a newly opened retail store in Brooklyn and a BAPE collection on its’ way, 2017 will definitely go down as a landmark year for Supreme.

Photo: Supreme