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Apparel and fashion giant VF Corp (NYSE: VFC) has reached an agreement to acquire the iconic brand Supreme and $ 2 CEO Steve Rindle said on CNBC that the billionth part of the multi-year VF is to reshape its portfolio.Consumer alignment: VF has sought to acquire Supreme because of the brand's strong "where we see the market" exposure sectors it turns into. As Rendel specifically said, consumers are gravitating toward the brand associated with active, outdoor and even more important streetwear, CEO said: "Supreme is just a point. Great for a move and very complementary to other brands in our portfolio. Related link: Trading Nation dealers weigh their weight on Lululemon, VF Corp and much more, let's go on top: VF's philosophy is to allow individual brands to focus on serving their customers the best. VF's role as the parent company is just to provide support to help brands achieve their unique growth goals, said Rendle. VF will do the same with Supreme under the corporate umbrella. The CEO said, “We will leave them very much alone.” “Their strategy is very clear, and they are guided by principles. We are here to support this long-term growth and not disrupt it in any way. Different price points: Supreme products extend from 'Streetwear to Lux' and e Some products sell for hundreds of dollars, Rendel said, but Supreme is at its core "an East Coast ski brand" and its basic products sell on average for around $ 40, "In general, easily accessible price points for this primary consumer," he said. * Click here for option deals from Benzinga * Just in time for the holidays: Mountain Dew-themed cookbook * Beyond Meat CEO: No official deal with McDonald's (C) 2020 Benzinga.com does not provide Benzinga investment advice All rights reserved
Shares in VF Corp, which also includes brands like The North Face and Timberland, rose nearly 13 percent to $ 7894 after the announcement.
VF Corp.N. said Monday it will pay $ 2 billion to buy Supreme Streetwear Company, adding another popular brand to its Vans shoemaker list.
VF CORP with "THE NORTH FACE", "VANS", "TIMBERLAND", etc.) Has signed an agreement to acquire Supreme for $ 21 billion (about 2,163 billion yen).
The company has just been acquired by the owner of Vans, Timberland and North Face
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