Talk ’bout big bank!! Looks like Supreme, the streetwear brand, is being sold to the parent company of Vans, Timberland, and The North Face–VF Corporation– for a total of $2.1 billion.
VF’s chief executive, Steve Rendle, said the company would take a hands-off approach to managing Supreme. “We are not coming in to make changes. We’re here to support and enable … a high performing business,” he said.
Founded in 1989, the Delaware-based brand reportedly generates more than $500 million in annual revenue, which more than 60% of Supreme’s revenue is from online orders.
This fashion deal is said to mark an end of an era with the Carlyle Group, which acquired a majority stake in the brand for a reported $500 million in 2017 that valued it at $1 billion, The Guardian reports.
This allowed Supreme to enter into another top tier category with brands like Levis and Louis Vuitton.
As far as how the pandemic played a role, customers are looking for authenticity and Supreme can provide that.
“In the trends we see today, in this Covid environment of casualization and consumers really looking to and engaging with authentic brands with great meaning, that positions Supreme to be very, very strong,” VF’s Rendle added in a call with investors.
In the middle of the pandemic, it looks like some businesses still making those bawse moves.
The post TSR Big Bank Biz: Supreme Streetwear Reportedly Sold To Timberland Owner–VF Corporation–For $2.1 Billion appeared first on The Shade Room.
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