The company that owns niche brands like The North Face and Vans is adding to that portfolio with Supreme, a slick brand that caters to skateboard and hip hop crowds.
VF Corp. had already been organizing collaborations between Supreme and its Vans, The North Face and Timberland brands.
Terms of the acquisition were not disclosed Monday.
With the Supreme acquisition, VF is strengthening its online and direct-to-consumer business. While Supreme operates slick stores in places like Manhattan's Bowery and the Williamsburg neighborhood across the river in Brooklyn, online and direct-to-consumer sales are its strength.
Supreme is expected to add modestly to VF’s revenue and adjusted earnings per share in 2021. It is expected to contribute at least $500 million in revenue and 20 cents per share of adjusted earnings next year.
Shares of VF Corp. jumped more than 14% in early trading along with broader markets in news of the development of a potential vaccine for COVID-19.
Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News