The parent company of Vans footwear announced on Monday that it would be buying popular streetwear company Supreme.
Denver-based VF Corp will pay $2.1 billion, plus another $300 million payment “subject to the satisfaction of certain post-closing milestones.” According to CNBC, the deal is on track to be completed by the end of the year.
“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,” Steve Rendle, VF’s Chairman, President, and Chief Executive Officer said in a press release.
As a result of the deal, investors Carlyle Group and Goode Partners will sell their stakes in Supreme. Founder James Jebbia and the company’s senior management will remain with the company in New York.
“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®,” Jebbia said in the press release. “This partnership will maintain our unique culture and independence while allowing us to grow on the same path we’ve been on since 1994.”
Supreme will join popular brands The North Face and Timberland on VF’s roster. The company is known for its apparel, accessories, and footwear.
