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Rob Gough can add an iconic streetwear brand to his portfolio. The entrepreneur just announced that he acquired progressive brand Dope on Wednesday, May 17.

The acquisition converges Dope into the first major streetwear brand to be privately acquired in a while. The brand, established in 2007, has created a name for itself with an infusion of luxury and street culture. With a boutique in Los Angeles, the brand has obtained a cult following from celebrities, artists, musicians and locals. With the new takeover, Gough plans to expand Dope’s sales by double within the next year. Currently, the brand sells over 10 million a year in retail sales.

"My goal is to grow the brand like crazy," said Gough. "DOPE has managed to stay ahead of the trends and design great clothes for a decade. The team is phenomenal, the IP the company owns is phenomenal, and there are so many opportunities to turn DOPE into a billion dollar business."

Gough has worked in various businesses as an investor and entrepreneur. He has ran his own companies since college and has worked at retailer Finish Line to help grow the brand’s e-commerce business. With his vast experience, he will be able to leverage his valuable skills as the new chief executive officer of Dope. "DOPE is an incredible brand that has already experienced tremendous success and I see the potential for so much more," Gough said.