VF Corp. reports that it has completed its previously announced acquisition of the streetwear brand Supreme® for an aggregate base purchase price of $2.1 billion subject to customary adjustments for cash, indebtedness, working capital and transaction expenses.

As a result of the transaction, Supreme has become a wholly-owned subsidiary of VF Corp. VF expects the brand to be modestly accretive to the group’s revenue and adjusted earnings per share in fiscal 2021. The streetwear brand is expected to contribute at least $500 million of revenue and $0.20 of adjusted EPS in fiscal 2022.

With the acquisition of Supreme, VF intends to accelerate its consumer-minded, retail-centric, hyper-digital business model transformation. The streetwear brand has already been a regular collaborator with VF’s Vans, The North Face and Timberland brands in the past.