Supreme has been acquired for $2.1 billion. The monumental deal was announced earlier today by the buyer, VF Corporation, an equity firm that also owns iconic brands like The North Face, Timberland, and Dickies. 

This marks Supreme's second major deal with a larger conglomerate in just three years. The first came when the Carlyle Group purchased half of the company for $500 million, valuing Supreme at $1 billion, back in October 2017. 

While many want to jump to the "Supreme is a sellout" conclusion immediately, not so fast. It appears that VF Corp is going to let Supreme maintain the brand identity that has allowed it be become the biggest name in streetwear over the past 25 years. Instead, the partnership will aim to grow the brand's reach internationally by opening up more flagships in new cities and taking advantage of its existing direct-to-consumer market. 

"We talk about a light-touch integration with this business because it’s very successful, operating at a very high level today. We’ll take our time to get to know each other," VF Corp chairman, president, and CEO Steve Rendle tells WWD in an official statement. "This brand will continue to operate as it always has; we do not look to come in and make any changes. We’re here to help, support and enable.”

We know not everyone is going to scroll through presentations and listen in on company acquisition calls, so we did the work for you. Check out 10 things you should know about VF Corp's acquisition of Supreme below.