On Monday, VF Corporation — parent company to Vans, Timberland and The North Face, among other brands — announced it would acquire Supreme.
Business of Fashion reports that the deal values the streetwear icon at $2.1 billion and is expected to close by the end of 2020, with founder James Jebbia remaining on board.
In a press release, VF Corporation noted its longstanding relationship with Supreme, namely built through collaborations with some of its marquee brands, like Vans, Timberland and The North Face. (It also clarified that Supreme "continue to work with brands outside of the VF portfolio.")
"VF is the ideal steward to honor the authentic heritage of this cultural lifestyle brand while providing the opportunity to leverage our scale and expertise to enable sustainable long-term growth," Steve Rendle, the company's Chairman, President and Chief Executive Officer of VF Corporation, said in a statement.
Jebbia added: "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."