In April 1994, James Jebbia opened Supreme on Lafayette Street in Lower Manhattan with the clothing racks pushed to the walls so local kids could skate straight in off the street. The staff were downtown skaters such as Justin Pierce and Harold Hunter, the atmosphere was deliberately intimidating to outsiders, and the red box logo borrowed the look of artist Barbara Kruger’s anti-capitalist work. That credibility could not be manufactured, and it became the foundation for everything that followed.

This episode explains the system Supreme built on top of it: small, limited batches released every Thursday, a model that removed markdowns and trained customers to wait on the brand. It covers the collaborations that put the logo on arcade cabinets, porcelain, Ziploc bags, and a Louis Vuitton collection shown at Paris Fashion Week in 2017, then turns to lawsuits, counterfeit trademarks abroad, and what happens when conglomerates buy a business built on scarcity.

• A 2020 pack of red Supreme Oreos retailed for $3 and was listed on eBay within a week for more than $91,000.
• When Supreme sued Leah McSweeney’s Married to the Mob over a parody shirt in 2013, Barbara Kruger dismissed everyone involved as totally uncool jokers.
• Because Supreme had not registered its trademark in Italy, so-called legal fakes opened stores in Europe, and in 2018 Samsung announced a partnership with one of them by mistake.
• VF Corporation bought Supreme in November 2020 for $2.1 billion in cash, then sold it to EssilorLuxottica in July 2024 for $1.5 billion.
• Supreme won the Council of Fashion Designers of America menswear award in 2018 and reported $538 million in revenue in 2024.