By Michelle Chapman, The Associated Press
The company that owns niche brands like The North Face and Vans is adding to that portfolio with Supreme, a slick streetwear fashion brand.
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 Denver-based VF Corp. jumped more than 13% in afternoon trading along with broader markets in news of the development of a potential vaccine for COVID-19.