Supreme Supreme to sell off sneakers brand for $1 billion
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Supreme will sell off its iconic sneakers brand in a deal that could fetch more than $1.4 billion, according to a person familiar with the deal.
The company’s shares fell more than 5% Monday on news of the deal, which is expected to close this week, but it rose after the stock closed up 6% to $5.79.
The move comes amid concerns about consumer and company safety and safety issues in China, where many of the products are made.
The sale comes amid mounting pressure from investors to stop China from selling more than 1 billion sneakers a year.
The shoes will be sold by U.S. retailer JCPenney, which has been a vocal critic of China’s crackdown on counterfeiting and other alleged human rights violations.
The retailer had also objected to Supreme selling its iconic shoe, the Supreme “Wings,” at an undisclosed price.
The Supreme shoes will remain in stores until March 11, 2019, and a decision on the company’s fate will be made by mid-October, the person said.
The company has said it plans to continue selling shoes, clothing and accessories in the U.K., Germany and Canada.
The U.N. Security Council has called for China to halt the sale of sneakers and other products containing plastic.
Supreme will sell off its iconic sneakers brand in a deal that could fetch more than $1.4 billion, according to…
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