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US apparel company VF is buying fashion brand Supreme for an undisclosed sum, it announced Monday.

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

New York City-based Supreme has worked with VF in the past, and has collaborated with 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.

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

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

The statement didn’t say how much the deal is worth.

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Despite the acquisition, Supreme will continue to collaborate with brands outside of 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’s CEO Steve Rendle said.

Supreme was founded in 1994 to target the skateboarding and hip-hop youth cultures, and 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.

SEE ALSO: How Supreme went from a small skateboarding store in New York to an $1 billion streetwear company with a cult-like following among teens

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