Its been reported that the iconic fashion brand Supreme is going to be acquired by the VF Corporation. A “definitive merger agreement.” was revealed by a joint statement released on Monday.
Goode Partners, in addition to the Carlyle Group who are the current investors in Supreme are reportedly selling their stakes in the company. The founder of Supreme, James Jebbia will reportedly stay on in a senior leadership position following the completion of the deal in 2021.
Jebbia spoke about the deal on Monday alongside the joint statement saying: “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®,” he continued with: “This partnership will maintain our unique culture and independence, while allowing us to grow on the same path we’ve been on since 1994.” The chairman, CEO and president of the VF Corporation, Steve Rendle had an equally bright outlook on the deal with “long-term growth” for both parties.
Rendle had this to say: “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,” He said. “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.”
The deal, according to sources involves the VF Corporation paying for Supreme a total of $2.1 billion alongside an additional $300 million making “subject to satisfaction of certain post-closing milestones.”
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