Mitchell & Ness have been creating clothing and sports equipment for over a hundred years now. The Philadelphia-based company started recreating vintage jerseys in 1983 and has been very popular in hip-hop culture since.
On February 18th, Jay-Z, Meek Mill, Lil Baby, Maverick Carter, and others, alongside the Philadelphia 76ers owner Michael Rubin’s Fanatics company have purchased Mitchell & Ness in a whopping $250 million deal.
As per report details from Complex, Fanatics will have a 75 percent stake in the company, and the rest 25 percent is shared among Jay Z and other parties involved. One of the parties includes the famous influencer D’Amelio family (i.e., Charli, Dixie, Marc, and Heidi).
Juggernaut Capital Partners previously owned the brand. However, after the acquisition by Michael Rubin’s company, not much will change for Mitchell & Ness except for the current CEO reporting to Joe Bozich, President of Fanatics Brands. Michael Rubin’s are planning to keep it as a separate entity. Also, the new owners are looking forward to increasing worldwide brand recognition and product portfolio expansion.
“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.”Jay Z said in a released statement
Another statement given to Complex by CEO of Fanatics company called their new asset an “iconic brand.”:
“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.”
This deal is yet another win for hip-hop, even if small. Many rappers and hip-hop artists are expanding their roots in the business and entrepreneur world lately. Just a few days ago, west-coast legend Snoop Dogg acquired iconic record label Death Row Records.