Apparel and footwear giant, VF Corporation, is all set to acquire legendary and iconic streetwear/skate brand Supreme for a reported $2.1 billion. Vf Corporation already houses popular brands such as Dickies, The North Face, Vans, and Timberland.

As reported by Business of Fashion, this monumental deal is expected to close before the end of VF Corp’s fiscal year. Supreme’s current investors, The Carlyle Group and Goode Partners, will sell their stakes in the brand.

Supreme’s popularity rose even higher once The Carlyle Group jumped on board in 2017. Supreme founder James Jebbia stated that the investment would provide the “operational expertise needed to keep us on the steady path we’ve been on since 1994.” The Carlyle Group’s involvement was a first in terms of a private equity firm investing in a streetwear brand.