North Face and Vans Owner VF Adds Supreme Streetwear Brand for $2.1B


VF Corp. (NYSE: VFC), the owner of the Vans, The North Face, Timberland brands is buying the Supreme streetwear brand from the Carlyle Group and Goode Partners for $2.1 billion.

The deal comes at a time when the apparel sector has been hurt by the coronavirus, as consumers move away from discretionary items in favor of more essential items, such as groceries, reports Bloomberg News.

“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,” says VF CEO Steve Rendle.

Morgan Stanley provided a fairness opinion to VF and Davis Polk & Wardwell LLP served as legal advisor.