The parent company of Vans and Timberland has bought the streetwear retailer Supreme. In a deal valued at roughly $2.1 billion, VF is buying the cult brand, and its founder James Jebbia will continue to manage operations. Supreme has managed to tap into the allure of product scarcity, per The Wall Street Journal, and it is known for its drops selling out immediately. VF, like many retailers, has suffered lower profit and sales because of the pandemic, and while the “acquisition fits into VF’s expansion,” executives encouraged “driving growth without losing the brand’s ‘secret sauce.’”
