Fanatics, Jay-Z And Other Celebrities Acquired Mitchell & Ness
US sportswear retailer Fanatics, famous rapper Jay-Z, alongside other celebrities, have acquired the well-known sportswear company, Mitchell & Ness.
Reuters news agency reported that the deal values Mitchell & Ness at 250 million dollars, according to sources familiar with the matter. Mitchell & Ness is a 118-year-old sportswear company known for its T-shirts and streetwear.
Mitchell & Ness had sales of 350 million dollars and a profit of 70 million dollars in 2021, the sources said.
Fanatics will own 75% of Mitchell & Ness, with the rest going to the celebrity group that includes Jay-Z, rapper Meek Mill, LeBron James' business partner Maverick Carter and the D'Amelio family (famous on TikTok), according to the sources.
Fanatics Is Expanding Its Business
The initiative is the latest in a series of efforts by the sportswear retailer Fanatics to expand its business. Last month, the company acquired Topps' trading card and collectibles business for about $500 million, acquiring exclusive rights to Major League Baseball.
Fanatics announced in a statement that Mitchell & Ness will operate as a separate division, and CEO Kevin Wulff will continue to lead the brand.
Founded in 1904, Mitchell & Ness has agreements with several sports properties, including the National Basketball Association, National Football League, and MLB.
Reuters news agency reported that the deal values Mitchell & Ness at 250 million dollars, according to sources familiar with the matter. Mitchell & Ness is a 118-year-old sportswear company known for its T-shirts and streetwear.
Mitchell & Ness had sales of 350 million dollars and a profit of 70 million dollars in 2021, the sources said.
Fanatics will own 75% of Mitchell & Ness, with the rest going to the celebrity group that includes Jay-Z, rapper Meek Mill, LeBron James' business partner Maverick Carter and the D'Amelio family (famous on TikTok), according to the sources.
Fanatics Is Expanding Its Business
The initiative is the latest in a series of efforts by the sportswear retailer Fanatics to expand its business. Last month, the company acquired Topps' trading card and collectibles business for about $500 million, acquiring exclusive rights to Major League Baseball.
Fanatics announced in a statement that Mitchell & Ness will operate as a separate division, and CEO Kevin Wulff will continue to lead the brand.
Founded in 1904, Mitchell & Ness has agreements with several sports properties, including the National Basketball Association, National Football League, and MLB.
