UPDATE: Business of Fashion has published an article denying the rumors that Supreme was sold to French luxury conglomerate LVMH for $500 million.

According to the report: “Sources close to LVMH say that the report was an unfounded rumor and denied a possible deal between the French luxury conglomerate and the cult streetwear label, despite a collaboration between Louis Vuitton and Supreme, unveiled at Paris Couture Week in January.”

Further, a spokesperson for LVMH declined to comment, however a spokesperson for Supreme said the news is nothing more than a "rumor that was started online."

You can read our original story below.

The fashion rumor mill is running in overdrive at the minute. Industry sources are currently speculating that Riccardo Tisci has already signed his contract at Versace, having announced his departure from Givenchy just last week. However, Highsnobiety's connections in the industry have come through with something far, far juicier: LVMH, the luxury conglomerate that owns Louis Vuitton, just bought Supreme for $500 million.

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Having just linked for what's probably going to be the biggest collaboration of the year, word on the street is that LVMH has added one of — fuck it, the — most iconic streetwear brand of all time to its portfolio, which also includes legendary names like Dior, Fendi, Givenchy and KENZO, as well as myriad high-end alcohol, fragrance and watch brands. The conglomerate's revenues in 2015 were a staggering €35 billion — over $37 billion.

Were the rumors to be true, it'd be an absolutely spectacular turn of events. Supreme, the fuck-you mentality skate brand which started from a modest store in downtown New York, bought by one of the biggest players in the luxury clothing business. It'd have huge implications for the brand's operations — would Supreme's business be grown as aggressively as Louis Vuitton's, which has 3,708 stores worldwide? Would the brand's new owners be happy to leave money off the table just to keep products limited?

Of course, this could just be gossip — rumors were bound to spread following a collaboration this massive. However, longtime Supreme Brand Director Angelo Baque recently announced his departure from the label, so maybe he's making his exit before the brand changes hands. It would also make sense that LVMH would want to get its hands on a brand with such a strong relationship with Millennials — it's been angling toward a more "street" audience for years via artist collabs and rapper endorsements.

We reached out to LVMH's press office and they forwarded us to Kekst, a corporate and financial communications company. They declined to comment. Stay tuned for further updates.