Fanatics acquired Mitchell & Ness in February 2022.
Source: Fanatic
Some of the biggest names in sports and entertainment have invested in Fanatics’ lifestyle clothing brand, Mitchell & Ness.
Fanatics CEO Michael Rubin said the new ownership group will include LeBron James, Kevin Durant, Chris Paul, CJ McCallum, Devin Booker, James Harden, Joel Embiid and Odell. Said it would include Beckham Jr., Kevin Hart, Rich Paul, Rich Kleiman, Scooter Braun and Steve. stout.
Founded in Philadelphia in 1904, Mitchell & Ness now manufactures and sells vintage jersey and apparel collections for nearly every major sports league. In February, Fanatics purchased a 75% stake in Mitchell & Ness, with the remaining stake being donated to a cohort of celebrities including Jay-Z, LeBron James business partner Maverick Carter, and rapper Meek Mill of Mitchell & Ness. The value was his $250 million. The newest investors will be part of this cohort.
Mitchell & Ness is now a $350 million company and has grown 30 percent this year, Rubin told CNBC. He sees it turn into a multi-billion dollar brand one day.
“Adding an owner like we did today is a big step in doing that,” he added.
Rubin announced the news on The Wall Street Journal’s Tech Live on Tuesday night. Financial terms of the deal were not disclosed.
Rubin told CNBC on Tuesday, “I’m really excited that the people who make the culture will become owners and form a band with us.
Starting as a sports merchandising company selling t-shirts and jerseys, Fanatics has grown rapidly to become a $27 billion sports hub for millions of sports fans. It acquired trading card company Topps in January and plans to launch sports betting in early 2023.
The new owners say they plan to make Mitchell & Ness “the most diverse and culturally relevant consumer brand” through their clout and status as tastemakers.
Jay-Z initially became a fan of the brand due to its timeless appeal. “Fashion is cyclical, but classics are eternal. Mitchell & Ness is a true classic,” he said in February. I am proud to have played a small role.
Rubin said Jay-Z helped pull this team together and convince Rubin to buy the brand in the first place. rice field.
“Athletes, celebrities, artists are tired of just getting checks. They want to make money from stocks. They want to be partners in these businesses,” Rubin said. rice field.
Mitchell & Ness is a special place for LeBron James. When the then-up-and-coming basketball superstar was 16 years old, he saw a man at the airport wearing a Houston Oilers jersey. The two got into a conversation because of it, and that’s how James met his longtime agent, Rich Paul.
“LeBron James and Rich Paul were united by their love for Mitchell & Ness,” Rubin said.
Fanatics tapped a customer database of over 94 million sports fans to reach new fans and grow Michell and Ness’ business. In June, Mitchell & Ness signed a rights deal to manufacture products for all of his 32 NHL teams.
According to Fanatics, men’s and women’s street fashion and nostalgic authentics are among the fastest-growing segments of the Fanatics Commerce business.
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