Mitchell and Ness sold nostalgic sports apparel ranging from $100 to $400, according to the New York Times.
The brand opened its doors in 1904 in Philadelphia on Arch Street, and today, the flagship store is on Walnut Street, reports ABC Action News Channel 6.
Michael Rubin, founder, and CEO of online sports retailer Fanatics and co-owner of the Philadelphia 76ers, will retain 75 percent ownership of Mitchell and Ness. The remaining 25 percent will be distributed among the investors, like Jay-Z, Meek Mill, Maverick Carter, LeBron James’s business partner, Lil Baby, and the TikTok influencers D’Amelio family, and others reports Complex.
“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,” the Philadelphia 76ers partner and Fanatics CEO said. “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,” said Rubin in an official statement provided to Complex.
The new acquisition from the previous owners Juggernaut Capital Partners of the Mitchell and Ness brand will not cause 132 employees to lose their jobs, assured Rubin.
Rubin will employ a business model similar to the Fanatics platform, which will include more global recognition and expanding the company’s product offering.
“Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic,” Jay-Z said his investment. “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 deal is worth $250 million, a source who is close to the deal, told the outlet.