Pour out some of that 40oz out for an icon. Legendary streetwear brand and coveted symbol of fashion-obsessed hypebeasts everywhere, Supreme, has officially sold out for a cool $2.1 billion. The New York Times reports that the brand was bought by VF Corp, which is set to acquire 100 percent of the company and already owns several brands including The North Face, Dickies, and Vans. Label founder James Jebbia as well as senior leadership will remain with the company, which is expected to score VF Corp $500 million in revenue by 2022 alone.
“This partnership will maintain our unique culture and independence while allowing us to grow on the same path we’ve been on since 1994,” Jebbia said in a statement announcing the acquisition.
The move comes at a time of uncertainty for streetwear brands as the pandemic has affected every label from the smallest and least visible to seemingly too-big-to-fail brands like Supreme, as more and more shoppers turn to e-commerce platforms for their fits. According to The New York Times, 60% of Supreme’s sales already come from their virtual webstore so we shouldn’t see too much of a change in the way the company currently operates, but the move begs the question: When the pandemic is over, will the brand still attract around the block lines?
Sure, Supreme already collaborates with mega-brands like The North Face, Vans, and Nike. And it’s cool that the label’s current leadership is staying on board. But the brand is cashing out some of its cultural cool for visibility, and that’s the kind of thing that seems at odds with Supreme’s audience. If they notice and turn on the company or if the market gets saturated, it could be trouble on the scale of Stussy’s collapse.
Check out some of the reactions on Twitter to the news below.
https://twitter.com/Gilbertify/status/1325919902239129601
https://twitter.com/maxkeeble69/status/1325914081371545600
https://twitter.com/Sethdiddy/status/1325909828708003843
https://twitter.com/aaliayahivy/status/1325902358358843392
https://twitter.com/Darriusm23/status/1325887917592621056