VF Corporation announces definitive agreement to acquire iconic, global streetwear leader Supreme®
VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories, and Supreme®, a privately-owned global streetwear brand…
…today jointly announced that they have signed a definitive merger agreement. Current investors, The Carlyle Group and Goode Partners, are selling their stakes in the Supreme® brand.
The transaction is expected to be completed late in calendar year 2020, subject to customary closing conditions and regulatory approval. Additional details regarding the transaction and the strategic rationale supporting it will be reviewed during a VF conference call held at 8:30 a.m. Eastern Time today. The conference call will be broadcast live via the internet, accessible at ir.vfc.com. An investor presentation will also be available at the same location beginning at approximately 7:30 a.m. Eastern Time today and will be archived at the same location.
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.
“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 honor the authentic heritage of this cultural lifestyle brand while providing the opportunity to leverage our scale and expertise to enable sustainable long-term growth,” said Steve Rendle, VF’s Chairman, President, and Chief Executive Officer. “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. 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.”
“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®,” said Jebbia. “This partnership will maintain our unique culture and independence, while allowing us to grow on the same path we’ve been on since 1994.”
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®. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.
In April 1994, Supreme® opened its doors on Lafayette Street in downtown Manhattan and became the home of New York City skate culture. At its core was a group of neighborhood kids, New York skaters and local artists who became the store’s staff, crew and customers. While it developed into a downtown institution, Supreme established itself as a brand known for its quality, style, and authenticity. Over 25 years, the Supreme® brand has expanded from its New York City origins into a global community.