Just when you think we have seen the true power of streetwear one of the biggest labels shows us more. Supreme is being purchased a billi.
As spotted on Hype Beast the New York City based company just went under the hammer. According to the article VF Corporation has purchased the brand for a whopping 2.1 billion dollars. While the sale is not yet 100% final the negotiations have been rumored to be in play for a large part of this year. The goal is too finalize the deal before the close of 2020 with Supreme’s current investors, The Carlyle Group and Goode Partners to sell off their stakes.
Supreme founder James Jebbia detailed the announcement in a formal statement. “We are proud to join VF, a world-class company that is home to great brands we’ve worked with for years, including The North Face, Vans, and Timberland. This partnership will maintain our unique culture and independence, while allowing us to grow on the same path we’ve been on since 1994″ he said.
The VF Corporation is an American worldwide apparel and footwear company founded in 1899 and headquartered in Denver, Colorado. The company’s more than 30 brands are organized into three categories: Outdoor, Active and Work. The company controls 55% of the U.S. backpack market with the JanSport, Eastpak, Timberland, and North Face brands.
Photo: Claudio Lavenia