11:45 AM EDT, 07/17/2024 (MT Newswires) -- (Updates to include VF's recent stock movement in the headline and first paragraph.)

VF (VFC) shares were up more than 7% in recent Wednesday trading after the company said it entered into a definitive agreement to sell its Supreme brand to EssilorLuxottica for $1.5 billion in cash.

The Supreme apparel and accessories brand runs a digital-first business and 17 stores in the US, Asia and Europe, the company said. The transaction is expected to close by the end of this year.

Price: 15.31, Change: +1.09, Percent Change: +7.67