Mitchell & Ness gets onboard with some of the most recognizable sports and entertainment industry names, including Lebron James.
The brand falls under its mother company, Fanatics. According to the CEO of Fanatics, Michael Rubin, Mitchell & Ness brings together Kevin Durant, Chris Paul, LeBron James, CJ McCollum, James Harden, Devin Booker, Odell Beckham Jr., Joel Embiid, Rich Kleiman, Rich Paul, Steve Stoute, and Scooter Braun.
Mitchell & Ness started as a small store in 1904 in Philadelphia. Over the decades, the company snatched partnerships with leagues and sports teams. In addition, it makes vintage jerseys and merchandise collections for many major sports leagues. Last February, Fanatics decided to buy 75% of the company’s stake. The remaining portion went to a celebrity group. The cohort included Jay-Z, Meek Mill, and Maverick Carter. According to the company, the deal was valued at $250 million.
The company grew its sales this year by 30%, increasing its total value to $350 million. According to Rubin, it will not take long before it can generate billions of dollars in income.
“Adding owners like we did today is a great step towards doing that. So we’re really excited to get people that are making culture to be to owners and band together with us on this,” he said.
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Mitchell & Ness and its new owners
Fanatics, now considered the biggest Mitchell & Ness shareholder, grew from being a simple seller of jerseys and t-shirts to a sports hub for millions. It rapidly gained momentum and currently boasts a $27 billion value. Fanatics also began to absorb several companies, including Topps and other sports betting companies.
According to Fanatics management, they plan to catapult the company and transform it into “the most diverse and culturally relevant consumer brand through their influence and status as tastemakers.” Moreover, the firm impressed many artists in the past, including Jay-Z.
“Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic. 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 rapper said.
According to Rubin, Jay-Z played a significant role in letting him acknowledge the greatness of Mitchell & Ness in terms of culture and its quality.
“Athletes, celebrities and artists are sick of just getting checks; they want to make money from equity. So they want to be partners in these businesses,” Rubin added.
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Impressed by the brand
The brand holds a special meaning for LeBron James. During one instance, the young LeBron met a man wearing a Houston Oilers jersey from the company. Because of their mutual love for the jersey and the story behind it, the two enjoyed the conversation. The man eventually became his agent, Rich Paul.
“LeBron James and Rich Paul came together by their love for Mitchell & Ness,” said Rubin.
Photo Credit: Mitchell & Ness
Source: CNBC
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