Supreme Bought for $2.1 Billion By Vans, Timberland Owner
MIAMI, FL - JUNE 30: Mateo Lorente (L) wears his new Supreme shirt as people flock to the Louis Vuitton store to purchase limited edition supreme and Louis Vuitton collaboration items on June 30, 2017 in Miami, Florida. The Louis Vuitton X Supreme collection pre-launched today in the American markets of Miami and Los Angeles with other pop-up locations worldwide that included Sydney, Tokyo, Seoul, Beijing, Paris and London. (Photo by Joe Raedle/Getty Images)
Supreme, the iconic streetwear brand and staple in hypebeast culture, was bought for $2.1 billion by VF Corp, which also owns footwear brand Vans, Timberland, and outdoor recreation brand The North Face.
VF Corp plans to use Supreme to grow their apparel and footwear ecommerce business, an industry that has become critical for brands due to the COVID-19 pandemic.
60% of Supreme’s revenue comes from online business, according to CNBC.
VF Corp Chief Executive Officer Steve Rendle said,“The Supreme brand will further accelerate VF’s hyper-digital business model transformation.”
Supreme’s past investors, Carlyle Group and New York-based private equity firm Goode Partners, are selling their stakes in the company.
Supreme is expected to pull $500 million in revenue this year, according to VF Corp via Vogue Business.
Supreme, perhaps best known for their collaborations with fashion house Louis Vuitton, first collaborated with Vans in 1996, Timberland in 2006, and The North Face in 2007. Supreme first collaborated with Louis Vuitton in 2017, according to GQ.
Supreme was founded in 1994 by businessman James Jebbia.
Feature Image via Getty
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