I waited in a line to go to a mysterious cult skater store worth $1 billion to see why teens are so obsessed

The streetwear apparel brand is having an amazing year, with a roughly $500 million cash infusion from the Carlyle Group, valuing it as a $1 billion brand. Adding to the good news for the company is a primo ranking on Piper Jaffray's semi-annual Taking Stock of Teens survey, which indicates teens are eating it up - or at least desiring it - like never before.

Founded in 1994, Supreme was created by James Jebbia and catered to skaters. There's an air of mystery about the brand, and Jebbia gives few media interviews.

Now, celebrities from Justin Bieber to Milo Yiannopoulous have been seen wearing Supreme's clothing, and its cache only seems to grow. It now operates 11 stores around the world.

I went to Supreme's store on Lafayette Street in New York City to see how the brand became the phenomenon it is today.