Fashion brand Supreme has been bought for $2.1 billion by VF, which owns Vans, Timberland, and North Face

• VF, which owns Vans, The North Face, and Timberland, is adding the fashion brand Supreme to its portfolio, it announced Monday.
• The companies expect the $2.1 billion deal to be completed in late 2020.
• Supreme's current investors, The Carlyle Group and Goode Partners, are selling their stakes, VF said.
• VF expects Supreme to contribute at least $500 million of revenue in the 2022 fiscal year.
• Supreme was founded in New York City in 1994, and it has since opened stores in Asia and Europe. Its lines are also carried by other retailers.

The US apparel company VF is buying the fashion brand Supreme for $2.1 billion, it announced Monday.

Supreme's current investors, The Carlyle Group and Goode Partners, are selling their stakes, VF said.

The New York City-based Supreme has worked with VF in the past, and it has collaborated with the VF-owned brands Vans, The North Face, and Timberland.

The companies expect the deal to be completed in late 2020. VF expects Supreme to contribute at least $500 million of revenue in the 2022 fiscal year, it said.

It would make an additional payment of up to $300 million, subject to certain milestones being met after the deal, it said.

Supreme and VF already have similar customer bases, VF said in a press release.

The deal also means the streetwear brand Supreme can access VF's global supply chain, international platforms, digital functions, and consumer knowledge, it said.

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Despite the acquisition, Supreme will continue to collaborate with brands outside the VF portfolio, VF said.

"VF is the ideal steward to honor the authentic heritage of this cultural lifestyle brand while providing the opportunity to leverage our scale and expertise to enable sustainable long-term growth," VF CEO Steve Rendle said.

Supreme was founded in 1994 to target the skateboarding and hip-hop youth cultures, and it has since become known globally for its distinctive bright red logo.

The brand sells clothes, accessories, footwear, and skateboards.

The company owns 11 stores, including in Asia and Europe, but also sells through other retailers and via its own online store.