In October 2017, the impossible happened. Supreme, once operated from a single store on New York’s Lafayette Street, had quietly sold half of its business to multinational private equity firm The Carlyle Group for a reported $500 million, valuing the company at a staggering $1 billion. Many of Supreme’s long-time fans weren’t impressed, accusing the brand of “selling out,” believing that with wealthy investors involved, the brand’s growth would compromise its authenticity. Aware of the potential backlash, Supreme boss James Jebbia kept the sum of the deal under wraps for months, afraid it could damage the street cred Supreme had carefully cultivated since its launch in 1994. Read more at Highsnobiety.