VF Corp. is adding skateboard and streetwear brand Supreme to its line of recreational apparel brands. The parent company of Vans, Dickies, Timberland and The North Face has announced plans to purchase Supreme in a $2.1 billion acquisition deal set to be completed before the end of the year.
Founded in a New York skateboard shop in 1994, Supreme apparel has become popular with skateboarders, hip-hop fans and other Millennial and Gen Z youth cultures. In 2007, the Carlyle Group acquired half the company for $500 million.
“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. 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,” said Steve Rendle, VF’s Chairman, President, and Chief Executive Officer. “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.”