Wu’s departure comes after a leaked email published by Axios showed her downplaying racism in the US and calling Black Lives Matter “the true racists.” In a statement, VF Corp., owner of brands including Vans, The North Face, and Supreme, said Wu had decided to step down from the board immediately and that the decision “was not the result of any disagreement with VF on any matter relating to VF’s operations, policies or practices.”
Wu, a Silicon Valley-based venture capitalist, joined VF’s board in March 2019. At the time, VF’s chief executive, Steve Rendle said her experience in technology and knowledge of the Chinese consumer landscape would be a “significant addition” to the company. With her departure, VF said it will reduce the size of its board from 12 members to 11 until it can find a new director.
In a deal that values the New York streetwear brand at $2.1 billion, Supreme picks up a long-term partner with back-end prowess and ambitions to scale it past $1 billion in annual sales.