Iconic streetwear brand Supreme has been sold to VF Corporation, which owns brands including Vans and North Face, in a deal valued at $2.1bn (£1.6bn).

The acquisition by VF Corporation will see Supreme’s existing management including founder James Jebbia remain in post. VF chief executive Steve Rendle said the company was “not coming in to make changes” and would instead “support and enable … a high-performing business”.

According to VF, Supreme currently generates more than $500m (£378m) in annual revenue, up from $200m (£151m) in 2017, with 60% of revenue coming from online.

VF said it expects Supreme’s revenue to grow between 8% and 10% over the next three years.

The cult brand, which was founded by skateboarder Jebbia in New York in 1994, currently operates 12 stores globally that regularly see fans queuing round the block to get their hands on intermittently released product drops.

The acquisition by VF Corporation ends Supreme’s relationship with Carlyle Group, which acquired a majority stake in the business for $500m (£378m) in 2017, valued the brand at $1bn (£756m) and led to a tie up with Levi’s and Louis Vuitton.

Rendle said on a call with investors: “In the trends we see today, in this Covid environment of casualisation and consumers really looking to and engaging with authentic brands with great meaning, that positions Supreme to be very, very strong.”