Highly flippable streetwear brand Supreme is getting a new owner. CNBC reports that the brand's current investors, Carlyle Group and private equity firm Goode Partners, are selling their stakes. VF Corp, which owns brands like Vans, Timberland, North Face, JanSport and more, will pay $2.1 billion to purchase Supreme, with an additional payment of up to $300 million pending "subject to satisfaction of certain post-deal closing milestones." The deal is expected to be completed later this year.

Supreme launched lines inspired by The Smiths, The Velvet Underground, My Bloody Valentine, and Daniel Johnston in the last year, and Vans has their own history of music-related collections, including Talking Heads, David Bowie, and Daniel Johnston.

If you aren't familiar with the ins and outs of Supreme, Hasan Minhaj did a comprehensive deep dive on an episode of his much-missed Netflix show Patriot Act: