VF Corp, the owner of Vans, Timberland, and The North Face clothing brand has acquired the famed streetwear brand Supreme in a deal worth $2.1 billion.
The Carlyle Group and Goode Partners, are selling their stakes in the Supreme brand.
This deal comes three years after private equity firm The Carlyle Group bought a 50% stake in the streetwear brand for $500 million, which valued Supreme at $1 billion.
This is the same Carlyle Group who owned 50% stake for $500m in Beats Electronic and sold their stake to Apple for $3 billion just after eight months of the deal.
Supreme sells apparel, accessories and footwear under its namesake brand globally through direct-to-consumer channels, primarily digital.
The Supreme brand’s founder, James Jebbia and the senior leadership team of the brand will remain with the company, headquartered in New York City, New York.
Founded in 1899, VF Corporation is one of the world’s largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans, The North Face, Timberland and Dickies.