Supreme the streetwear brand no question has influenced streetwear these past couple of years. Founded in 1989, Supreme reportedly generates more than $500 million annually.
Supreme is now being sold to the parent company of brands like Timberland, The North Face and Vans-VF Corporation for a total of $2.1 billion. Steve Rendle, VF’s chief executive stated that “We are not coming in to make changes. We’re here to support and enable … a high performing business,”.
“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 stated to investors in a call.
The last time Supreme was sold it was from the Carlyle Group in 2017, in which they acquired a majority stake in the brand for a reported $500 million which was then valued at $1 billion, according to The Guardian. This allowed the Delaware based brand to get on the level of top tier brands like Louis Vuitton.
Only time will tell what this business move will do for the brand in the fashion world.