VF Corporation to acquire streetwear brand Supreme for $2.1bn
VF Corporation, a US-based apparel and footwear company, has agreed to acquire streetwear brand Supreme from The Carlyle Group and Goode Partners, for $2.1 billion.
Supreme sells apparel, accessories, and also footwear under its namesake brand across the world via direct-to-consumer channels, mainly through digital, which contributes more than 60% of its total revenue.
The US streetwear brand has a dozen retail stores across the US, Japan, and EMEA.
Steve Rendle – VF Corporation Chairman, President, and CEO said: “The acquisition of the Supreme brand is further validation of our vision and strategy to further evolve our portfolio of brands to align with the total addressable market opportunities we see driving the apparel and footwear sector.
“The Supreme brand will further accelerate VF’s hyper-digital business model transformation and will be a meaningful driver of VF’s commitment to top quartile total shareholder return and long-term value creation.”
James Jebbia – founder of the streetwear brand and its senior leadership team will continue with the company, which is based in New York City.
James Jebbia said: “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.”
The deal, which is subject to regulatory approval and customary closing conditions, is expected to be wrapped up by the end of this year.