A brand of clothing whose name is an abbreviation of the term For Us By Us, meaning the brand was started by black people and its target market is specifically black people.
I worked at a movie theater in Oregon from 1998 to 2000. A co-worker of mine used to live in the San Francisco area, and one time when he was at a party, he saw a black guy with a Fubu shirt that had a hole in the front of it. He asked the guy "What happened to your shirt?" and the black guy answered, completely straight-faced, "A white guy was wearing it. I shot him and took the shirt." A cookie of wisdom for any white people trying to be black -- don't wear Fubu in big cities.
(n) Hiphop clothing company founded in 1992. FUBU is an acronym for "For Us, By Us", referring to the founders purpose: clothes designed by African-Americans for African-Americans. Many items from the clothing line display the number "05", which stands for the five childhood friends from Queens who founded the company. In an interview with HarlemLive, Carl Brown and Keith Perrin of FUBU state: "There were five of us all out of Queens, we grew up together as friends and remained friends. With $5,000 seed money we were able to start our business." In 1999 FUBU reported an annual turnover of about $350 million. "Under the FUBU is a guru" -- Common (The 6th Sense 2000)
fubu and fubar were US Army slang dating back to at least WWII. Fubu was short for fucked up beyond understanding and fubar was short for fucked up beyond all recognition. There were other acronyms also, but I don't remember them. It is hysterically funny to us "old" folks to see the young kids wearing shirts that have FUBU on them. Yeah, you're so cool...