2022 might mark the return of the throwback jersey. Michael Rubin, Jay-Z, Meek Mill, Lil Baby and more have purchased Mitchell & Ness.
As per Complex the iconic Philadelphia based brand has a new owner group as of this week. The aforementioned rappers have tapped in with Michael Rubin and his company Fanatics. Michael detailed his enthusiasm in an exclusive statement to the youth culture site. “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 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.”
Hov also commented on the acquisition saying that he is looking forward to bringing the sports vibes back to the culture. “Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic,” Jay-Z said. “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.”
Fanatics plans to grow the business by enabling Mitchell & Ness to leverage its customer database and strong relationships with sports properties. Plans also call raising brand awareness for Mitchell & Ness brand globally, making the brand “even more culturally relevant than it already is,” expanding Mitchell & Ness’ product portfolio, and adding new league, team, college, and entertainment rights. The new owners also plan to expand the distribution of Mitchell & Ness products to new retailers worldwide as well. Sources tell Complex that the purchase price was close to $250 million dollars but the terms have yet to be disclosed.
Michael Rubin, Jay-Z, Meek Mill And Lil Baby Buy Mitchell & Ness For $250M was originally published on hiphopwired.com