The global COVID-19 pandemic has caused a huge decrease in sales for many retailers across the country. The business of clothing, shoes, and accessories has boomed for centuries, but since the pandemic, many stores have seen an 87% sales drop from February 2020 to May 2020.
Last year, major apparel and footwear company, VF Corporation tried for a $2.1 billion acquisition of a huge lifestyle brand, Supreme. VF Corp. owns many well know brands such as The North Face, Timberland, and Vans. Supreme, heavily recognized in the fashion world for its skateboarding products and skater boy aesthetics. Some of VF’s brands, like, Vans have collabed with Supreme and have built a strong partnership of consistent releases together.
Although Supreme did not accept the offer last year from VF Corp, VF has not given up on the multimillion-dollar company. VF plans to continue to try for ownership of Supreme and has even come up with a plan to not tamper with the core values of Supreme as a brand. Let’s hope that if Supreme goes under the ownership of VF Corp., they will still be the same old Supreme everyone knows and loves.