Fanatics, Jay-Z and Other Celebrities Officially Acquire Mitchell & Ness
Mitchell & Ness will operate within Fanatics’ Commerce division.
Fanatics has partnered with a few celebrities to buy the popular sportswear brand Mitchell & Ness. The brand announced the deal on February 18, 2022, and even shared that the deal was cracked with the help of many celebs like Jay-Z, Meek Mill, Lil Baby, TikTok-famed D’Amelio family, and LeBron James’s long-time business partner Maverick Carter.
Fanatics, Jay-Z, AND others acquire Mitchell & Ness
Though Fanatics didn’t share the amount involved in the deal, it is being reported that the Mitchell & Ness deal is valued at $250 Million. The sports merchandise brand will now own 75% of Mitchell & Ness. The remaining 25% will be left in the hands of the star-studded investors’ group, including Jay-Z.
This acquisition is right for Fanatics because it will help the brand to maintain its strong streetwear presence and eliminate nostalgic products. Though Fanatics will add the overall framework of the company, including the licenses to its ever-growing portfolio, the iconic jersey brand will likely function as a separate division.
The plan is to combine the expertise of Fanatics, the celebs like Jay-Z, and the sportswear brand for improved sports apparel, accessories, and much more. So, we can expect some cool collections and magnificent drops.
Jay-Z said, “Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic. I was an early adopter of this brand, as well as a part of a departure from athletic wear. I’m proud to play a small role in bringing it back, and in some cases, introducing the authenticity and quality of the Mitchell & Ness brand to a new generation.”
The CEO of Fanatics, Michael G. Rubin added, “Mitchell & Ness is an iconic brand and pioneer within our industry. I’m incredibly excited for Fanatics to partner with this incredible group of innovative owners to build upon the company’s already strong business that has kept the brand culturally relevant for more than 100 years. Growing up as a kid in Philadelphia, we looked at Mitchell & Ness as a badge of pride, and I truly believe this legendary brand has no limit.”
Mitchell & Ness was founded in 1904. It is still a leading shopping destination for throwback sports jerseys and various licensed lifestyle and fashion products. So, it’s obvious Jay-Z, who became a Fanatics investor in 2021, would love it.
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