VF Corporation, a US-based apparel and footwear company, has bought global streetwear brand Supreme for $2.1bn.

Headquartered in New York City, New York, Supreme is engaged in selling apparel, accessories and footwear under its namesake brand through direct-to-consumer (DTC) channels—primarily digital.

As per the terms of the deal, Supreme brand’s founder James Jebbia and the senior leadership team will continue their association with the brand.

Supreme is said to have been maintaining a long-standing relationship with VF as it has been a regular collaborator with VF’s brands Vans, The North Face and Timberland.

The acquisition is said to be in line with VF’s commitment to active portfolio management and is expected to further increase its growth, profitability and cash flow profile.

VF anticipates that the deal would accelerate its consumer-minded, retail-centric, hyper-digital business model transformation.

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The Supreme brand offers a $1bn global opportunity over time through international and direct-to-consumer (DTC) expansion, which are said to be the core pillars of VF’s 2024 strategy.

With the completion of the deal, Supreme has become a wholly-owned subsidiary of VF Corporation.

Last month, the two companies signed a definitive merger agreement, with Supreme brand’s investors The Carlyle Group and Goode Partners agreeing to sell their stakes in the company.

At the time of signing the agreement, VF chairman, president, and CEO Steve Rendle said: “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 honour the authentic heritage of this cultural lifestyle brand while providing the opportunity to leverage our scale and expertise to enable sustainable long-term growth.

“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.”

In May 2017, Fanatics completed the acquisition of VF Corporation’s Licensed Sports Group (LSG).