VF Corporation will acquire Supreme for $2.1 billion in a deal expected to close this calendar year. Supreme will leverage VF’s expertise and resources, including its global supply chain, to maximize growth.

VF is the parent company of Vans, Dickies, Timberland and The North Face, and the addition of Supreme will offer it ”deeper access to attractive consumer segments” that apply to many of these brands, according to a company statement. VF and Supreme have collaborated previously, giving the companies a level of familiarity with one another.

“The acquisition of the Supreme brand is further validation of our vision and strategy to further evolve our portfolio of brands to align with the total addressable market opportunities we see driving the apparel and footwear sector,” said Steve Rendle, Chairman, President and CEO of VF in a statement. “The Supreme brand will further accelerate VF’s hyper-digital business model transformation and will be a meaningful driver of VF’s commitment to top quartile total shareholder return and long-term value creation.”

Carlyle Group, which holds a 50% stake in Supreme, will sell its shares as part of the deal. The brand’s other major investor, Goode Partners, will sell its stake as well. Supreme founder James Jebbia and the rest of the brand’s senior leadership team will remain with the company following the transaction.

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