Colorado-based apparel and footwear group VF Corporation announced on Monday that it will acquire NYC streetwear brand Supreme for $2.1 billion. The company plans to achieve $1 billion in sales with the label by 2024.
The North Face, Timberland, Napapijri and other brands owned by VF Corporation will all feature together in the group’s first multibrand concept store, which is expected to pave the way for others in strategic cities.
The owner of Vans, The North Face and Timberland managed an impressive transformation in the fiscal year ended March 28, 2020, achieving a 2% increase in revenue despite a strong downturn in sales in Q4 due to Covid-19.
A number of fashion and beauty industry players announced initiatives to support Covid-19 relief on Wednesday, with Estée Lauder and PVH both pledging $2 million, while VF revealed a donation of $1.5 million.
The Denver-based apparel, footwear and accessories company has announced that it has begun a review of alternatives for the occupational portion of its work segment, as it continues with its transformation plans.
VF Corp has named Andrea Cannelloni as EMEA president for product platform, Timo Schmidt-Eisenhart as president of Napapijri and the VF EMEA digital platform, and Mariano Alonso as GM of Timberland in the EMEA region.
Following the spin-off of its denim business earlier this year, the Denver, Colorado-based apparel and footwear company has announced a new strategic growth plan, as well as an updated logo and corporate identity.