Supreme has been sold to the VF Corp, the parent company of popular brands that include The North Face, Vans, Timberland, Eastpak, Napapijri, and Dickies.

Sealing the acquisition of the cult streetwear brand from private-equity groups, Carlyle Group Inc. and Goode Partners LLC, the deal values the company at about $2.1 billion. The new deal will retain founder James Jebbia and Supreme’s senior leadership as they merge into VF.

“We’re proud to join VF, a world-class company that is home to great brands we’ve worked with for years, including The North Face, Vans, and Timberland,” Jebbia announced. “This partnership will maintain our unique culture and independence while allowing us to grow on the same path we’ve been on since 1994.”

Supreme has a long-standing relationship with VF, having collaborated in the past with other brands under the umbrella, including The North Face and Vans. Per reports, the new acquisition will now give Supreme “opportunities to leverage its global supply chain, international platforms, digital capabilities, and consumer understanding.” All the while, Supreme will still be free to work collaboratively with other brands outside of the VF umbrella, per its modus operandi.

“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,” added Steve Rendle, VF Corp’s chairman, president, and chief executive officer. “The acquisition of the Supreme brand is further validation of our vision and strategy to further evolve our portfolio of brands to align with the total addressable market opportunities we see driving the apparel and footwear sector.”

According to VF Corp, the lofty deal is justified by Supreme’s projected $1 billion global opportunity, a major part of the corporation’s 2024 strategy with Supreme expected to bring in at least $500 million in revenue in the 2022 fiscal year.