Streetwear Brand Supreme Acquired By The Owner Of Vans

The wildly popular streetwear brand Supreme inked a deal to be acquired for $2.1 billion by VF Corp. the owner of brands like Timberland and Vans.

Supreme’s investors — The Carylye Group and Goode Partners — said Monday they are selling their stakes in the company, which is known for the cult-like following of its footwear and apparel, which can sell out within minutes.

The deal is expected to close by the end of this year.

Founded in 1994 with a single store in Lower Manhattan on Lafayette Street, Supreme’s limited drops and collaborations with brands including Louis Vuitton, Commes des Garcons, Thom Browne and Fender have been become collector items over the years.

In August 2018, Supreme took out front- and back-page ads in The Post, resulting in sold-out newsstands citywide as fans of the brand snatched up copies, with some reselling the papers for between $5 and $100 each.

Denver-based VF Corporation is “the ideal steward to honor the authentic heritage of this cultural lifestyle brand, while providing the opportunity to leverage our scale our scale and expertise to enable sustainable long-term growth,” chief executive Steve Rendle said in a statement.

The company, which also owns The North Face, expects Supreme to contribute at least $500 million of revenue in fiscal 2022.

Supreme’s founder James Jebbia will remain with the company, which will also retain its New York City headquarters, the companies said.

SOURCE