VF to buy Supreme for $2.1 billion

VF Corp. jumped the most in 33 years after agreeing to buy Supreme, a streetwear fashion label, for $2.1 billion to bolster its portfolio of apparel and footwear brands.

The cash transaction, expected to be completed by year end, marks VF’s largest acquisition since it bought Timberland in 2011 for $2.3 billion. The Denver-based company also owns Vans and the North Face brands.

The deal comes at a time when the apparel sector has been upended by the coronavirus pandemic as consumers move away from discretionary items in favor of groceries and other essential goods. Still, the Supreme brand remains a gem in the industry because of its cult following among younger millennials and Generation Z consumers.

VF Corp. jumped the most in 33 years after agreeing to buy Supreme, a streetwear fashion label, for $2.1 billion to bolster its portfolio of apparel and footwear brands.

The cash transaction, expected to be completed by year end, marks VF’s largest acquisition since it bought Timberland in 2011 for $2.3 billion. The Denver-based company also owns Vans and the North Face brands.

The deal comes at a time when the apparel sector has been upended by the coronavirus pandemic as consumers move away from discretionary items in favor of groceries and other essential goods. Still, the Supreme brand remains a gem in the industry because of its cult following among younger millennials and Generation Z consumers.Read MoreLatest News – Ad Age

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