Breaking news has emerged that Supreme has been acquired by VF Corp for $2.1 billion. The acquisition follows a long-standing relationship between Supreme and VF. As the parent company of Vans, The North Face and Timberland, VF has worked with Supreme for a number of years, as any serious Supreme fan will know.
According to reports, VF Corp has said it would also add an additional payment of $300 million subject to achieving milestones. VF Corp explained that the Carlyle Group and Goode Partners would be selling its privately owned stakes in Supreme as part of this deal. Supreme, which was founded in 1994 by James Jebbia, has since become one of the most popular brands on the planet.
The deal is expected to be completed by late 2020 and is expected to contribute at least $500 million of revenue and adjusted earnings per share of 20 cents in fiscal 2022. In a statement, Steve Rendle, Chairman, President and Chief Executive Officer of VF Corp explained:
“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.”
James Jebbia, Founder of Supreme stated:
“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.”
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