VF Corporation adds a very notable brand to its portfolio with the acquisition of sought-after streetwear brand Supreme.
VF announced their plans on Monday (November 9) to purchase Supreme in a $2.1 billion acquisition deal, which is set to be completed before the end of the year.
Founded in a New York skateboard shop in 1994, Supreme has become one of the most sought-after brands by skaters, hip-hop fans and trendsetters. The brand’s seasonal releases sell out in minutes, while their extremely limited collaborations sell for thousands on the resell market. Their 2017 collaboration with fashion house Louis Vuitton became one of the most popular streetwear drops ever, with some items in the collection reselling for as much as $50,000.
VF and Supreme say that the deal will allow Supreme to leverage VF’s expertise and resources to maximize growth, including its global supply chain. VF says Supreme gives it “deeper access to attractive consumer segments that apply to many of VF’s existing brands.”
“We are thrilled to welcome Supreme to the VF family and to build on our decades-long relationship as we create value for all of our stakeholders,” said VF CEO Steve Rendle said in a written statement.
VF Corporation is also the parent company of brands like Vans, Dickies, Dr. Martens, Timberland and The North Face.